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.
| 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.
| 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 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 173.56 | 189.06 | 8.9 % |
| Gross Income | 54.91 | 38.62 | (29.7 %) |
| Operating Income | 41.21 | 24.84 | (39.7 %) |
| Net Income | 35.27 | 15.54 | (55.9 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.22 | 0.10 | (55.9 %) |
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.
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