Financial Results : Yamama Cement H1 2021 profit drops 24% to SAR 132.6 mln

Yamama Cement H1 2021 profit drops 24% to SAR 132.6 mln

29/07/2021 Argaam Exclusive

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Yamama Cement Co. reported a net profit after Zakat and tax of SAR 132.6 million for the first half of 2021, a 24% decrease from SAR 174.8 million in the same period a year ago.

 

The company attributed the drop in net profit to lower sales volumes. 



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 457.15 382.84 (16.3 %)
Gross Income 223.91 167.77 (25.1 %)
Operating Income 187.88 137.85 (26.6 %)
Net Income 174.80 132.55 (24.2 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.86 0.65 (24.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 167.13 202.58 21.2 %
Gross Income 77.94 95.95 23.1 %
Operating Income 56.60 80.45 42.1 %
Net Income 50.84 77.68 52.8 %
Average Shares 202.50 202.50 -
EPS (Riyals) 0.25 0.38 52.8 %

The company reported a net profit after Zakat and tax of SAR 77.7 million in Q2 2021, a 53% increase from SAR 50.8 million in the year-ago period.

 

The cement producer cited higher sales, and lower provisions for Zakat and general and administrative expenses, for the profit rise.

 

When compared to previous quarter, net profit rose 41.5% on processing the proceeds from the sale of products during trial tests of the asset by early application of the amendments to the IAS No. (16) (Property, Plant, and Equipment - proceeds before intended use).



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 491.59 39.9 % 299.51 52.8 % 286.82 55.8 %
Q2 2012 412.62 (1.8 %) 226.00 (3.0 %) 213.63 (2.1 %)
Q3 2012 306.20 1.7 % 175.76 4.8 % 164.61 7.9 %
Q4 2012 365.44 (1.1 %) 212.81 0.1 % 197.90 1.1 %
Q1 2013 482.64 (1.8 %) 292.76 (2.3 %) 279.06 (2.7 %)
Q2 2013 455.52 10.4 % 268.89 19.0 % 256.26 20.0 %
Q3 2013 293.80 (4.0 %) 154.13 (12.3 %) 141.42 (14.1 %)
Q4 2013 309.90 (15.2 %) 165.25 (22.3 %) 151.96 (23.2 %)
Q1 2014 367.36 (23.9 %) 181.30 (38.1 %) 168.94 (39.5 %)
Q2 2014 366.02 (19.6 %) 198.63 (26.1 %) 182.69 (28.7 %)
Q3 2014 277.23 (5.6 %) 148.57 (3.6 %) 135.57 (4.1 %)
Q4 2014 318.26 2.7 % 183.72 11.2 % 171.10 12.6 %
Q1 2015 338.94 (7.7 %) 182.05 0.4 % 167.67 (0.8 %)
Q2 2015 339.50 (7.2 %) 188.03 (5.3 %) 169.92 (7.0 %)
Q3 2015 280.27 1.1 % 166.47 12.0 % 150.44 11.0 %
Q4 2015 352.36 10.7 % 199.89 8.8 % 185.12 8.2 %
Q1 2016 376.04 10.9 % 186.55 2.5 % 171.01 2.0 %
Q2 2016 280.46 (17.4 %) 113.02 (39.9 %) 97.02 (42.9 %)
Q3 2016 235.63 (15.9 %) 98.99 (40.5 %) 85.94 (42.9 %)
Q4 2016 232.88 (33.9 %) 71.50 (64.2 %) 57.61 (68.9 %)
Q1 2017 220.19 (41.4 %) 62.92 (66.3 %) 48.08 (71.9 %)
Q2 2017 194.75 (30.6 %) 32.95 (70.8 %) 15.25 (84.3 %)
Q3 2017 164.19 (30.3 %) 41.95 (57.6 %) 25.46 (70.4 %)
Q4 2017 169.12 (27.4 %) 53.85 (24.7 %) 41.43 (28.1 %)
Q1 2018 141.15 (35.9 %) 38.81 (38.3 %) 24.96 (48.1 %)
Q2 2018 111.99 (42.5 %) (13.34) (140.5 %) (29.60) (294.1 %)
Q3 2018 107.71 (34.4 %) (24.70) (158.9 %) (39.29) (254.3 %)
Q4 2018 160.36 (5.2 %) 33.32 (38.1 %) 15.74 (62.0 %)
Q1 2019 213.88 51.5 % 90.75 133.8 % 73.89 196.1 %
Q2 2019 165.33 47.6 % 65.45 590.6 % 50.79 271.6 %
Q3 2019 186.50 73.1 % 76.13 408.2 % 60.77 254.7 %
Q4 2019 236.16 47.3 % 104.31 213.1 % 83.64 431.4 %
Q1 2020 290.02 35.6 % 145.97 60.9 % 131.29 77.7 %
Q2 2020 167.13 1.1 % 77.94 19.1 % 56.60 11.4 %
Q3 2020 249.65 33.9 % 114.29 50.1 % 98.64 62.3 %
Q4 2020 249.21 5.5 % 101.85 (2.4 %) 84.60 1.2 %
Q1 2021 180.26 (37.8 %) 71.82 (50.8 %) 57.40 (56.3 %)
Q2 2021 202.58 21.2 % 95.95 23.1 % 80.45 42.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 277.64 54.5 % 1.37 - 277.64 1.37
Q2 2012 209.46 (5.0 %) 1.03 - 209.46 1.03
Q3 2012 156.65 5.4 % 0.77 - 156.65 0.77
Q4 2012 173.81 (9.0 %) 0.86 (15.00) 188.81 0.93
Q1 2013 276.80 (0.3 %) 1.37 - 276.80 1.37
Q2 2013 267.63 27.8 % 1.32 - 267.63 1.32
Q3 2013 148.08 (5.5 %) 0.73 - 148.08 0.73
Q4 2013 177.73 2.3 % 0.88 24.86 152.87 0.75
Q1 2014 174.64 (36.9 %) 0.86 - 174.64 0.86
Q2 2014 207.36 (22.5 %) 1.02 31.00 176.36 0.87
Q3 2014 137.16 (7.4 %) 0.68 - 137.16 0.68
Q4 2014 151.69 (14.6 %) 0.75 (15.00) 166.69 0.82
Q1 2015 175.41 0.4 % 0.87 - 175.41 0.87
Q2 2015 191.48 (7.7 %) 0.95 - 191.48 0.95
Q3 2015 95.53 (30.4 %) 0.47 - 95.53 0.47
Q4 2015 152.80 0.7 % 0.75 (15.00) 167.80 0.83
Q1 2016 150.46 (14.2 %) 0.74 - 150.46 0.74
Q2 2016 116.29 (39.3 %) 0.57 - 116.29 0.57
Q3 2016 56.31 (41.1 %) 0.28 - 56.31 0.28
Q4 2016 34.81 (77.2 %) 0.17 (15.00) 49.81 0.25
Q1 2017 50.82 (66.2 %) 0.25 - 50.82 0.25
Q2 2017 12.17 (89.5 %) 0.06 - 12.17 0.06
Q3 2017 29.15 (48.2 %) 0.14 - 29.15 0.14
Q4 2017 12.45 (64.2 %) 0.06 (21.08) 33.53 0.17
Q1 2018 23.84 (53.1 %) 0.12 - 23.84 0.12
Q2 2018 (36.25) (397.9 %) (0.18) - (36.25) (0.18)
Q3 2018 (46.38) (259.1 %) (0.23) - (46.38) (0.23)
Q4 2018 6.95 (44.2 %) 0.03 - 6.95 0.03
Q1 2019 70.63 196.2 % 0.35 - 70.63 0.35
Q2 2019 53.17 246.7 % 0.26 - 53.17 0.26
Q3 2019 54.73 218.0 % 0.27 - 54.73 0.27
Q4 2019 77.80 1019.4 % 0.38 - 77.80 0.38
Q1 2020 123.97 75.5 % 0.61 - 123.97 0.61
Q2 2020 50.84 (4.4 %) 0.25 - 50.84 0.25
Q3 2020 95.32 74.2 % 0.47 - 95.32 0.47
Q4 2020 135.43 74.1 % 0.67 36.40 99.03 0.49
Q1 2021 54.87 (55.7 %) 0.27 - 54.87 0.27
Q2 2021 77.68 52.8 % 0.38 - 77.68 0.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 57.68 % 65.87 % 52.94 %
Q2 2012 57.52 % 65.93 % 52.50 %
Q3 2012 57.84 % 66.51 % 52.84 %
Q4 2012 58.01 % 66.84 % 52.83 %
Q1 2013 57.91 % 66.75 % 53.08 %
Q2 2013 59.03 % 67.62 % 55.28 %
Q3 2013 58.13 % 66.67 % 55.17 %
Q4 2013 57.14 % 66.10 % 54.83 %
Q1 2014 53.94 % 63.64 % 52.10 %
Q2 2014 52.30 % 62.41 % 48.76 %
Q3 2014 52.54 % 62.78 % 48.54 %
Q4 2014 53.60 % 63.82 % 49.28 %
Q1 2015 54.82 % 65.14 % 50.41 %
Q2 2015 55.13 % 65.64 % 52.65 %
Q3 2015 56.41 % 66.81 % 49.27 %
Q4 2015 56.17 % 66.76 % 48.07 %
Q1 2016 54.96 % 66.81 % 44.90 %
Q2 2016 51.66 % 66.29 % 41.12 %
Q3 2016 48.09 % 65.68 % 39.44 %
Q4 2016 41.78 % 63.24 % 33.14 %
Q1 2017 35.75 % 58.97 % 28.19 %
Q2 2017 30.15 % 52.41 % 19.14 %
Q3 2017 25.78 % 46.15 % 17.48 %
Q4 2017 25.61 % 44.06 % 16.80 %
Q1 2018 25.04 % 45.58 % 14.75 %
Q2 2018 20.68 % 44.56 % 8.57 %
Q3 2018 10.31 % 37.30 % (4.77 %)
Q4 2018 6.54 % 33.33 % (9.95 %)
Q1 2019 14.48 % 37.33 % (0.85 %)
Q2 2019 25.46 % 46.16 % 13.04 %
Q3 2019 36.58 % 54.50 % 25.55 %
Q4 2019 41.98 % 57.40 % 31.97 %
Q1 2020 44.63 % 53.46 % 35.27 %
Q2 2020 45.96 % 48.82 % 34.93 %
Q3 2020 46.93 % 44.75 % 36.90 %
Q4 2020 46.03 % 39.58 % 38.61 %
Q1 2021 43.24 % 36.01 % 35.46 %
Q2 2021 43.54 % 37.30 % 37.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 202.50 4.14 4.14 17.16
Q2 2012 202.50 4.08 4.08 16.04
Q3 2012 202.50 4.12 4.12 16.89
Q4 2012 202.50 4.04 4.11 17.77
Q1 2013 202.50 4.03 4.11 17.58
Q2 2013 202.50 4.32 4.39 17.49
Q3 2013 202.50 4.28 4.35 18.26
Q4 2013 202.50 4.30 4.17 19.23
Q1 2014 202.50 3.79 3.67 18.68
Q2 2014 202.50 3.50 3.22 19.69
Q3 2014 202.50 3.44 3.17 19.06
Q4 2014 202.50 3.31 3.23 18.43
Q1 2015 202.50 3.32 3.24 18.52
Q2 2015 202.50 3.24 3.31 18.70
Q3 2015 202.50 3.03 3.11 18.29
Q4 2015 202.50 3.04 3.11 18.18
Q1 2016 202.50 2.91 2.99 18.16
Q2 2016 202.50 2.54 2.62 18.19
Q3 2016 202.50 2.35 2.42 18.16
Q4 2016 202.50 1.77 1.84 16.79
Q1 2017 202.50 1.28 1.35 16.82
Q2 2017 202.50 0.76 0.84 16.79
Q3 2017 202.50 0.63 0.70 16.92
Q4 2017 202.50 0.52 0.62 16.96
Q1 2018 202.50 0.38 0.49 17.06
Q2 2018 202.50 0.14 0.25 16.86
Q3 2018 202.50 (0.23) (0.12) 16.58
Q4 2018 202.50 (0.26) (0.26) 16.64
Q1 2019 202.50 (0.02) (0.02) 17.01
Q2 2019 202.50 0.42 0.42 17.29
Q3 2019 202.50 0.92 0.92 17.58
Q4 2019 202.50 1.27 1.27 17.98
Q1 2020 202.50 1.53 1.53 18.49
Q2 2020 202.50 1.52 1.52 18.30
Q3 2020 202.50 1.72 1.72 18.83
Q4 2020 202.50 2.00 1.82 19.39
Q1 2021 202.50 1.66 1.48 20.38
Q2 2021 202.50 1.79 1.61 21.02

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 12.04 12.04 2.90
Q2 2012 12.20 12.20 3.10
Q3 2012 10.70 10.70 2.61
Q4 2012 11.77 11.55 2.67
Q1 2013 11.48 11.27 2.63
Q2 2013 11.69 11.49 2.89
Q3 2013 12.39 12.18 2.90
Q4 2013 13.32 13.71 2.98
Q1 2014 15.36 15.87 3.12
Q2 2014 18.01 19.56 3.20
Q3 2014 18.89 20.53 3.41
Q4 2014 14.47 14.82 2.60
Q1 2015 13.55 13.88 2.43
Q2 2015 14.11 13.80 2.44
Q3 2015 12.70 12.39 2.11
Q4 2015 10.36 10.11 1.73
Q1 2016 9.59 9.35 1.54
Q2 2016 10.87 10.57 1.52
Q3 2016 8.33 8.08 1.08
Q4 2016 12.93 12.41 1.36
Q1 2017 14.30 13.52 1.08
Q2 2017 23.13 21.08 1.05
Q3 2017 26.45 23.65 0.98
Q4 2017 34.13 28.41 1.04
Q1 2018 41.54 32.66 0.93
Q2 2018 More than 100 64.05 0.94
Q3 2018 NEG NEG 0.81
Q4 2018 NEG NEG 0.77
Q1 2019 NEG NEG 0.91
Q2 2019 41.76 41.76 1.01
Q3 2019 25.33 25.33 1.32
Q4 2019 20.46 20.46 1.44
Q1 2020 11.84 11.84 0.98
Q2 2020 14.30 14.30 1.19
Q3 2020 15.13 15.13 1.38
Q4 2020 14.75 16.21 1.52
Q1 2021 19.95 22.37 1.63
Q2 2021 19.12 21.25 1.63

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 48.13 77.68 61.42 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 50.00 77.68 55.4 %
Riyad Capital 50.00 77.68 55.4 %
AlJazira Capital 46.50 77.68 67.1 %
SNB Capital 46.00 77.68 68.9 %


Financial Ratios
Current
Market Cap (M Riyal) 6,338.25
Enterprise Value (EV) (M) 7,917.86
Shares Outstanding ((M)) 202.50
EPS ( Riyal) (TTM) 1.73
Book Value (BV) ( Riyal) 23.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.05
P/E (TTM) 18.09
Price/book 1.31
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 7.4
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Share Price

Yamama Cement Co.
31.30
(0.35) (1.11 %)

Yamama Cement Co. (YC)

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