Yanbu Cement Co. reported a net profit of SAR 51 million for the first quarter of 2023, a 31% jump from SAR 39 million a year ago.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 241.63 | 224.01 | (7.3 %) |
| Gross Income | 54.44 | 72.53 | 33.2 % |
| Operating Income | 40.20 | 55.74 | 38.7 % |
| Net Income | 38.93 | 51.01 | 31.0 % |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.25 | 0.32 | 31.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 239.27 | 224.01 | (6.4 %) |
| Gross Income | 69.11 | 72.53 | 4.9 % |
| Operating Income | 58.79 | 55.74 | (5.2 %) |
| Net Income | 59.16 | 51.01 | (13.8 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.38 | 0.32 | (13.8 %) |
The year-on-year (YoY) profit hike was attributed to the improvement in the average selling price and the decrease in the cost of sales revenue. This came despite lower revenues from the cement producer’s subsidiary.
Sequentially, Yanbu Cement’s profit retreated 13.8% from SAR 59.16 million in Q4 2022.
The quarterly profit slump was due to to reduced sales revenue as a result of lower sales volumed during Ramadan. This is in addition to the increase in administrative, general and selling expenses, along with a drop in other revenues related to the revaluation of financial derivatives.
Total shareholders' equity, no minority interest, reached SAR 2.81 billion by the end of Q1 2023, compared to SAR 2.83 billion in the prior-year period.
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