Yanbu Cement 9M 2024 profit leaps 27% to SAR 129.2M; Q3 at SAR 31.1M

Yanbu Cement 9M 2024 profit leaps 27% to SAR 129.2M; Q3 at SAR 31.1M

23/10/2024 Argaam Exclusive

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Yanbu Cement Co. posted net earnings of SAR 129.2 million for the first nine months of 2024, leaping 27% from SAR 101.8 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 586.62 628.24 7.1 %
Gross Income 162.16 202.64 25.0 %
Operating Income 117.89 144.90 22.9 %
Net Income 101.83 129.17 26.8 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.65 0.82 26.8 %

The annual profit growth was fueled by a rise in local sales revenues and other revenues. This came despite lower export revenues and higher administrative, selling, financing and Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 189.06 199.87 5.7 %
Gross Income 36.27 54.31 49.8 %
Operating Income 22.48 32.67 45.3 %
Net Income 15.54 31.10 100.1 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.10 0.20 100.1 %

The third-quarter net earnings soared 100.1% to SAR 31.10 million, from SAR 15.54 million in Q3 2023, driven by strong local sales revenues and other revenues.

 

Sequentially, the bottom line fell 21.8% from SAR 39.77 million in Q2 2024.

 

Total shareholders' equity, no minority interest, reached SAR 2.65 billion by Sept. 30, 2024, compared to SAR 2.63 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 212.34 (0.3 %)
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 250.49 9.2 %
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 150.72 (12.2 %)
Q4 2015 426.36 12.7 % 223.80 6.4 % 212.12 6.7 %
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 188.54 (11.2 %)
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 155.97 (37.7 %)
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 98.09 (34.9 %)
Q4 2016 302.88 (29.0 %) 136.21 (39.1 %) 102.37 (51.7 %)
Q1 2017 307.22 (23.1 %) 131.95 (34.0 %) 122.62 (35.0 %)
Q2 2017 214.25 (38.5 %) 82.86 (51.1 %) 71.50 (54.2 %)
Q3 2017 172.71 (26.7 %) 27.22 (74.6 %) 19.45 (80.2 %)
Q4 2017 222.44 (26.6 %) 115.73 (15.0 %) 100.32 (2.0 %)
Q1 2018 215.53 (29.8 %) 41.31 (68.7 %) 30.27 (75.3 %)
Q2 2018 197.37 (7.9 %) 20.44 (75.3 %) 7.52 (89.5 %)
Q3 2018 152.81 (11.5 %) 23.77 (12.7 %) 12.41 (36.2 %)
Q4 2018 201.43 (9.4 %) 57.34 (50.5 %) 44.74 (55.4 %)
Q1 2019 259.81 20.5 % 92.68 124.3 % 81.20 168.3 %
Q2 2019 209.57 6.2 % 63.15 209.0 % 40.41 437.7 %
Q3 2019 227.97 49.2 % 75.48 217.5 % 65.71 429.6 %
Q4 2019 278.39 38.2 % 103.49 80.5 % 93.76 109.6 %
Q1 2020 277.40 6.8 % 111.05 19.8 % 97.80 20.4 %
Q2 2020 156.93 (25.1 %) 56.13 (11.1 %) 43.59 7.8 %
Q3 2020 240.36 5.4 % 89.65 18.8 % 83.22 26.6 %
Q4 2020 265.30 (4.7 %) 84.95 (17.9 %) 76.04 (18.9 %)
Q1 2021 292.40 5.4 % 81.23 (26.9 %) 68.58 (29.9 %)
Q2 2021 242.69 54.6 % 53.14 (5.3 %) 43.07 (1.2 %)
Q3 2021 207.78 (13.6 %) 50.56 (43.6 %) 37.47 (55.0 %)
Q4 2021 191.16 (27.9 %) 38.68 (54.5 %) (19.75) (126.0 %)
Q1 2022 241.63 (17.4 %) 54.44 (33.0 %) 40.20 (41.4 %)
Q2 2022 238.17 (1.9 %) 63.65 19.8 % 50.83 18.0 %
Q3 2022 262.10 26.1 % 89.25 76.5 % 75.19 100.7 %
Q4 2022 239.27 25.2 % 69.11 78.7 % 58.79 397.6 %
Q1 2023 224.01 (7.3 %) 72.53 33.2 % 55.74 38.7 %
Q2 2023 173.56 (27.1 %) 53.36 (16.2 %) 39.66 (22.0 %)
Q3 2023 189.06 (27.9 %) 36.27 (59.4 %) 22.48 (70.1 %)
Q4 2023 193.92 (19.0 %) 27.05 (60.9 %) 8.32 (85.8 %)
Q1 2024 234.17 4.5 % 83.80 15.5 % 65.26 17.1 %
Q2 2024 194.20 11.9 % 64.53 20.9 % 46.97 18.4 %
Q3 2024 199.87 5.7 % 54.31 49.8 % 32.67 45.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 207.17 0.9 % 1.32 - 207.17 1.32
Q2 2015 245.50 2.1 % 1.56 - 245.50 1.56
Q3 2015 144.67 (11.2 %) 0.92 - 144.67 0.92
Q4 2015 208.75 8.0 % 1.33 - 208.75 1.33
Q1 2016 170.69 (17.6 %) 1.08 - 170.69 1.08
Q2 2016 159.23 (35.1 %) 1.01 - 159.23 1.01
Q3 2016 92.06 (36.4 %) 0.58 - 92.06 0.58
Q4 2016 103.78 (50.3 %) 0.66 - 103.78 0.66
Q1 2017 124.27 (27.2 %) 0.79 - 124.27 0.79
Q2 2017 80.48 (49.5 %) 0.51 12.12 68.36 0.43
Q3 2017 17.97 (80.5 %) 0.11 - 17.97 0.11
Q4 2017 96.15 (7.4 %) 0.61 - 96.15 0.61
Q1 2018 39.63 (68.1 %) 0.25 10.77 28.86 0.18
Q2 2018 4.04 (95.0 %) 0.03 - 4.04 0.03
Q3 2018 13.28 (26.1 %) 0.08 - 13.28 0.08
Q4 2018 34.24 (64.4 %) 0.22 - 34.24 0.22
Q1 2019 72.52 83.0 % 0.46 - 72.52 0.46
Q2 2019 40.44 902.1 % 0.26 - 40.44 0.26
Q3 2019 61.94 366.3 % 0.39 - 61.94 0.39
Q4 2019 82.93 142.2 % 0.53 - 82.93 0.53
Q1 2020 92.02 26.9 % 0.58 - 92.02 0.58
Q2 2020 36.67 (9.3 %) 0.23 - 36.67 0.23
Q3 2020 81.44 31.5 % 0.52 - 81.44 0.52
Q4 2020 70.91 (14.5 %) 0.45 - 70.91 0.45
Q1 2021 72.76 (20.9 %) 0.46 - 72.76 0.46
Q2 2021 41.45 13.0 % 0.26 - 41.45 0.26
Q3 2021 35.48 (56.4 %) 0.23 - 35.48 0.23
Q4 2021 9.87 (86.1 %) 0.06 43.70 (33.83) (0.21)
Q1 2022 38.93 (46.5 %) 0.25 - 38.93 0.25
Q2 2022 48.04 15.9 % 0.31 - 48.04 0.31
Q3 2022 69.27 95.2 % 0.44 - 69.27 0.44
Q4 2022 59.16 499.6 % 0.38 - 59.16 0.38
Q1 2023 51.01 31.0 % 0.32 - 51.01 0.32
Q2 2023 35.27 (26.6 %) 0.22 - 35.27 0.22
Q3 2023 15.54 (77.6 %) 0.10 - 15.54 0.10
Q4 2023 18.09 (69.4 %) 0.11 - 18.09 0.11
Q1 2024 58.31 14.3 % 0.37 - 58.31 0.37
Q2 2024 39.77 12.7 % 0.25 - 39.77 0.25
Q3 2024 31.10 100.1 % 0.20 - 31.10 0.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 31.62 % 44.17 % 23.89 %
Q3 2023 28.00 % 41.80 % 19.49 %
Q4 2023 24.24 % 37.79 % 15.36 %
Q1 2024 25.35 % 38.47 % 16.09 %
Q2 2024 26.09 % 38.25 % 16.23 %
Q3 2024 27.94 % 38.89 % 17.91 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 157.50 0.76 0.76 16.84
Q1 2024 157.50 0.81 0.81 17.21
Q2 2024 157.50 0.84 0.84 16.71
Q3 2024 157.50 0.93 0.93 16.87

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 45.25 45.25 2.05
Q1 2024 36.71 36.71 1.72
Q2 2024 32.89 32.89 1.65
Q3 2024 25.99 25.99 1.44

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
Q4 2023 83.18 58.21 18.06 34.48
Q1 2024 141.16 60.64 12.28 20.10
Q2 2024 125.26 47.30 4.60 17.04
Q3 2024 114.67 54.43 6.04 24.73

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 38.75 31.10 (19.7 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
SNB Capital 30.50 31.10 2.0 %
AlJazira Capital 30.00 31.10 3.7 %
OSOOL AND BAKHEET 34.78 31.10 (10.6) %
Al Rajhi Capital 39.00 31.10 (20.3) %
Riyad Capital 41.00 31.10 (24.2) %
Sico 42.70 31.10 (27.2) %
United Securities Company 46.00 31.10 (32.4) %
Hermes 46.00 31.10 (32.4) %


Financial Ratios
Current
Market Cap (M Riyal) 3,735.90
Enterprise Value (EV) (M) 3,964.91
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.93
Book Value (BV) ( Riyal) 16.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.37
P/E (TTM) 25.37
Price/book 1.41
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6
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Share Price

Yanbu Cement Co.
23.72
0.16 0.68 %

Yanbu Cement Co. (YCC)

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