Yamama Cement’s H1 2022 profit falls 9% to SAR 120 mln, Q2 up 17% to SAR 90.7 mln

26/07/2022 Argaam Exclusive

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Yamama Cement Co. reported a net profit after Zakat and tax of SAR 120 million for the first half of 2022, a decline of 9%, compared to SAR 132.6 million in the previous year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	382.84	430.86	12.5 %
Gross Income	167.77	141.48	(15.7 %)
Operating Income	137.85	104.37	(24.3 %)
Net Income	132.55	120.31	(9.2 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.65	0.59	(9.2 %)

The profit decline was due to a drop in sales values and higher provision for Zakat and selling expenses year-on-year (YoY).

The cement producer reported a net profit after Zakat and tax of SAR 90.70 million in Q2 2022, an increase of 17%, compared to SAR 77.68 million in the same period last year on higher sales and other revenues YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	202.58	209.29	3.3 %
Gross Income	95.95	100.75	5.0 %
Operating Income	80.45	81.06	0.8 %
Net Income	77.68	90.70	16.8 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.38	0.45	16.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	221.58	209.29	(5.5 %)
Gross Income	40.74	100.75	147.3 %
Operating Income	23.31	81.06	247.7 %
Net Income	29.62	90.70	206.2 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.15	0.45	206.2 %

On a sequential basis, net profit surged from SAR 29.62 million in Q1 2022.

Total shareholders’ equity, after minority interest, increased 3.36% to SAR 4.399 billion as of June 30, 2022, from SAR 4.256 billion a year earlier.

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