Yanbu Cement’s 9M net profit down 35% to SAR 101.8 mln; Q3 at SAR 15.5 mln

Yanbu Cement’s 9M net profit down 35% to SAR 101.8 mln; Q3 at SAR 15.5 mln

31/10/2023 Argaam Exclusive

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Yanbu Cement reported a net profit of SAR 101.8 million for the first nine months of 2023, a decline of 35% from SAR 156.2 million in a year earlier period. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 741.90 586.62 (20.9 %)
Gross Income 207.33 166.06 (19.9 %)
Operating Income 166.22 121.79 (26.7 %)
Net Income 156.24 101.83 (34.8 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 0.99 0.65 (34.8 %)

This was due to due to lower volume and value of sales, increase in general and administrative expenses (G&As), decrease in other revenues, and higher finance costs despite lower Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 262.10 189.06 (27.9 %)
Gross Income 89.25 38.62 (56.7 %)
Operating Income 75.19 24.84 (67.0 %)
Net Income 69.27 15.54 (77.6 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 0.44 0.10 (77.6 %)

Q3 2023 net profit reached SAR 15.5 million, a slump of 78% from SAR 69.27 million in the year earlier period on lower quantities of cement sales, increase in finance costs, and higher other expenses despite lower Zakat expanses. 

 

On a sequential basis, Q3 net profit dropped 55.9% from SAR 35.27 million.

 

Total shareholders’ equity, after minority interest, reached SAR 2.63 billion by Sept. 30, 2023, compared to SAR 2.83 billion in the year earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 205.22 (16.9 %) 1.30
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 240.56 (12.3 %) 1.53
Q3 2014 295.77 (9.1 %) 181.40 15.8 % 162.84 16.6 % 1.03
Q4 2014 378.22 5.3 % 210.28 22.8 % 193.31 20.7 % 1.23
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 207.17 0.9 % 1.32
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 245.50 2.1 % 1.56
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 144.67 (11.2 %) 0.92
Q4 2015 426.36 12.7 % 223.80 6.4 % 208.75 8.0 % 1.33
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 170.69 (17.6 %) 1.08
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 159.23 (35.1 %) 1.01
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 92.06 (36.4 %) 0.58
Q4 2016 302.88 (29.0 %) 136.21 (39.1 %) 103.78 (50.3 %) 0.66
Q1 2017 307.22 (23.1 %) 131.95 (34.0 %) 124.27 (27.2 %) 0.79
Q2 2017 214.25 (38.5 %) 82.86 (51.1 %) 80.48 (49.5 %) 0.51
Q3 2017 172.71 (26.7 %) 27.22 (74.6 %) 17.97 (80.5 %) 0.11
Q4 2017 222.44 (26.6 %) 115.73 (15.0 %) 96.15 (7.4 %) 0.61
Q1 2018 215.53 (29.8 %) 41.31 (68.7 %) 39.63 (68.1 %) 0.25
Q2 2018 197.37 (7.9 %) 20.44 (75.3 %) 4.04 (95.0 %) 0.03
Q3 2018 152.81 (11.5 %) 23.77 (12.7 %) 13.28 (26.1 %) 0.08
Q4 2018 201.43 (9.4 %) 57.34 (50.5 %) 34.24 (64.4 %) 0.22
Q1 2019 259.81 20.5 % 92.68 124.3 % 72.52 83.0 % 0.46
Q2 2019 209.57 6.2 % 63.15 209.0 % 40.44 902.1 % 0.26
Q3 2019 227.97 49.2 % 75.48 217.5 % 61.94 366.3 % 0.39
Q4 2019 278.39 38.2 % 103.49 80.5 % 82.93 142.2 % 0.53
Q1 2020 277.40 6.8 % 111.05 19.8 % 92.02 26.9 % 0.58
Q2 2020 156.93 (25.1 %) 56.13 (11.1 %) 36.67 (9.3 %) 0.23
Q3 2020 240.36 5.4 % 89.65 18.8 % 81.44 31.5 % 0.52
Q4 2020 265.30 (4.7 %) 84.95 (17.9 %) 70.91 (14.5 %) 0.45
Q1 2021 292.40 5.4 % 81.23 (26.9 %) 72.76 (20.9 %) 0.46
Q2 2021 242.69 54.6 % 53.14 (5.3 %) 41.45 13.0 % 0.26
Q3 2021 207.78 (13.6 %) 50.56 (43.6 %) 35.48 (56.4 %) 0.23
Q4 2021 191.16 (27.9 %) 38.68 (54.5 %) 9.87 (86.1 %) 0.06
Q1 2022 241.63 (17.4 %) 54.44 (33.0 %) 38.93 (46.5 %) 0.25
Q2 2022 238.17 (1.9 %) 63.65 19.8 % 48.04 15.9 % 0.31
Q3 2022 262.10 26.1 % 89.25 76.5 % 69.27 95.2 % 0.44
Q4 2022 239.27 25.2 % 69.11 78.7 % 59.16 499.6 % 0.38
Q1 2023 224.01 (7.3 %) 72.53 33.2 % 51.01 31.0 % 0.32
Q2 2023 173.56 (27.1 %) 54.91 (13.7 %) 35.27 (26.6 %) 0.22
Q3 2023 189.06 (27.9 %) 38.62 (56.7 %) 15.54 (77.6 %) 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 52.69 % 63.16 % 48.60 %
Q2 2014 50.29 % 61.01 % 46.24 %
Q3 2014 52.86 % 63.87 % 48.63 %
Q4 2014 54.71 % 65.75 % 50.16 %
Q1 2015 54.86 % 65.83 % 50.36 %
Q2 2015 56.63 % 67.51 % 52.19 %
Q3 2015 54.83 % 65.59 % 50.53 %
Q4 2015 54.03 % 64.33 % 49.97 %
Q1 2016 53.77 % 64.52 % 48.85 %
Q2 2016 50.82 % 62.28 % 46.02 %
Q3 2016 49.68 % 61.97 % 44.74 %
Q4 2016 47.63 % 59.82 % 40.87 %
Q1 2017 45.63 % 58.93 % 40.15 %
Q2 2017 43.24 % 58.50 % 36.65 %
Q3 2017 37.94 % 54.41 % 31.53 %
Q4 2017 39.03 % 59.13 % 33.47 %
Q1 2018 32.38 % 53.63 % 25.62 %
Q2 2018 25.33 % 45.66 % 18.19 %
Q3 2018 25.53 % 44.82 % 18.06 %
Q4 2018 18.62 % 37.80 % 10.48 %
Q1 2019 23.94 % 42.02 % 15.29 %
Q2 2019 28.77 % 45.32 % 19.49 %
Q3 2019 32.12 % 47.53 % 23.27 %
Q4 2019 34.31 % 48.74 % 26.42 %
Q1 2020 35.55 % 49.43 % 27.92 %
Q2 2020 36.80 % 52.59 % 29.08 %
Q3 2020 37.81 % 53.74 % 30.75 %
Q4 2020 36.36 % 53.16 % 29.90 %
Q1 2021 32.67 % 49.27 % 27.41 %
Q2 2021 29.69 % 45.30 % 25.61 %
Q3 2021 26.77 % 42.44 % 21.88 %
Q4 2021 23.94 % 34.44 % 12.40 %
Q1 2022 22.28 % 32.50 % 9.29 %
Q2 2022 23.59 % 32.60 % 10.09 %
Q3 2022 26.37 % 33.63 % 13.12 %
Q4 2022 28.17 % 39.91 % 21.95 %
Q1 2023 30.57 % 42.31 % 23.61 %
Q2 2023 31.79 % 44.35 % 23.89 %
Q3 2023 28.47 % 42.27 % 19.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 157.50 4.95 4.95 20.12
Q2 2014 157.50 4.73 4.61 21.65
Q3 2014 157.50 4.88 4.76 21.18
Q4 2014 157.50 5.09 4.97 22.41
Q1 2015 157.50 5.10 4.98 23.72
Q2 2015 157.50 5.14 5.14 22.77
Q3 2015 157.50 5.02 5.02 22.19
Q4 2015 157.50 5.12 5.12 23.51
Q1 2016 157.50 4.89 4.89 24.56
Q2 2016 157.50 4.34 4.34 21.17
Q3 2016 157.50 4.00 4.00 21.77
Q4 2016 157.50 3.34 3.34 22.27
Q1 2017 157.50 3.04 3.04 21.10
Q2 2017 157.50 2.54 2.47 20.86
Q3 2017 157.50 2.07 2.00 20.98
Q4 2017 157.50 2.02 1.95 21.54
Q1 2018 157.50 1.49 1.34 21.79
Q2 2018 157.50 1.00 0.93 20.57
Q3 2018 157.50 0.97 0.90 20.15
Q4 2018 157.50 0.58 0.51 20.37
Q1 2019 157.50 0.79 0.79 20.83
Q2 2019 157.50 1.02 1.02 20.57
Q3 2019 157.50 1.33 1.33 20.22
Q4 2019 157.50 1.64 1.64 20.77
Q1 2020 157.50 1.76 1.76 21.36
Q2 2020 157.50 1.74 1.74 20.34
Q3 2020 157.50 1.86 1.86 19.82
Q4 2020 157.50 1.78 1.78 19.03
Q1 2021 157.50 1.66 1.66 19.49
Q2 2021 157.50 1.69 1.69 19.75
Q3 2021 157.50 1.40 1.40 18.69
Q4 2021 157.50 1.01 0.74 17.74
Q1 2022 157.50 0.80 0.52 17.99
Q2 2022 157.50 0.84 0.56 17.55
Q3 2022 157.50 1.05 0.78 17.98
Q4 2022 157.50 1.37 1.37 17.58
Q1 2023 157.50 1.44 1.44 17.90
Q2 2023 157.50 1.36 1.36 16.63
Q3 2023 157.50 1.02 1.02 16.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 14.19 14.19 3.49
Q2 2014 15.42 15.84 3.37
Q3 2014 15.87 16.29 3.66
Q4 2014 12.11 12.41 2.75
Q1 2015 13.56 13.90 2.92
Q2 2015 12.35 12.35 2.78
Q3 2015 10.69 10.69 2.42
Q4 2015 8.52 8.52 1.86
Q1 2016 10.06 10.06 2.00
Q2 2016 9.98 9.98 2.05
Q3 2016 8.41 8.41 1.55
Q4 2016 12.13 12.13 1.82
Q1 2017 12.06 12.06 1.74
Q2 2017 12.55 12.94 1.53
Q3 2017 13.74 14.27 1.36
Q4 2017 16.70 17.36 1.57
Q1 2018 22.28 24.70 1.52
Q2 2018 27.00 28.98 1.32
Q3 2018 22.28 23.97 1.07
Q4 2018 41.45 47.01 1.18
Q1 2019 35.73 35.73 1.35
Q2 2019 30.33 30.33 1.50
Q3 2019 26.09 26.09 1.71
Q4 2019 23.31 23.31 1.84
Q1 2020 14.60 14.60 1.20
Q2 2020 16.12 16.12 1.38
Q3 2020 19.40 19.40 1.82
Q4 2020 22.73 22.73 2.13
Q1 2021 25.96 25.96 2.21
Q2 2021 26.29 26.29 2.25
Q3 2021 29.38 29.38 2.20
Q4 2021 35.73 49.21 2.04
Q1 2022 52.87 81.03 2.35
Q2 2022 40.41 60.34 1.93
Q3 2022 35.46 48.12 2.08
Q4 2022 26.10 26.10 2.03
Q1 2023 24.23 24.23 1.95
Q2 2023 31.39 31.39 2.57
Q3 2023 33.26 33.26 2.03

Business Segments (Million)

Compared With The
Period Bulk Cement Packed Cement Cement Bags Raw Cement (Clinker)
Q1 2019 110.95 66.33 13.23 69.30
Q2 2019 95.23 51.35 7.59 55.41
Q3 2019 105.62 62.59 18.15 41.61
Q4 2019 142.42 79.20 21.71 35.06
Q1 2020 162.95 78.52 15.97 19.97
Q2 2020 91.26 46.64 19.04 -
Q3 2020 135.26 75.94 19.73 9.43
Q4 2020 149.16 82.68 19.08 14.38
Q1 2021 144.11 92.35 16.13 39.81
Q2 2021 118.10 65.53 11.18 47.87
Q3 2021 101.28 64.70 14.28 27.52
Q4 2021 105.01 69.01 11.57 5.57
Q1 2022 119.25 79.47 11.70 31.21
Q2 2022 101.55 64.10 0.60 71.92
Q3 2022 125.06 68.19 0.39 68.45
Q4 2022 115.32 70.36 4.45 49.13
Q1 2023 108.71 65.64 14.56 35.10
Q2 2023 92.81 50.30 4.06 26.38
Q3 2023 79.06 57.79 12.11 40.10

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 48.98 15.54 (68.3 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
AlJazira Capital 37.40 15.54 (58.4) %
SNB Capital 41.20 15.54 (62.3) %
United Securities Company 44.00 15.54 (64.7) %
Riyad Capital 45.00 15.54 (65.5) %
Al Rajhi Capital 48.00 15.54 (67.6) %
OSOOL AND BAKHEET 49.24 15.54 (68.4) %
Hermes 62.00 15.54 (74.9) %
Sico 65.00 15.54 (76.1) %


Financial Ratios
Current
Market Cap (M Riyal) 4,252.50
Enterprise Value (EV) (M) 4,443.01
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.81
Book Value (BV) ( Riyal) 17.21
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 33.43
P/E (TTM) 33.43
Price/book 1.57
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 4.6
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Share Price

Yanbu Cement Co.
27.00
(0.05) (0.18 %)

Yanbu Cement Co. (YCC)

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