Yamama Cement 2023 profit dips 15% to SAR 304.3M; Q4 at SAR 52.8M

12/02/2024 Argaam Exclusive

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Yamama Cement Co. reported a net profit of SAR 304.3 million in 2023, a 15% drop from SAR 355.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,008.11	935.19	(7.2 %)
Gross Income	408.65	335.36	(17.9 %)
Operating Income	332.04	263.56	(20.6 %)
Net Income	355.80	304.25	(14.5 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	1.76	1.50	(14.5 %)

The annual net profit was hurt by lower sales volumes and value on subdued local demand in 2023. The company also reported higher finance costs for the same year.

The fourth-quarter net earnings fell by 61% to SAR 52.8 million from SAR 134.2 million in Q4 2022.

Sequentially, the cement producer’s profits tumbled by 29.4% from SAR 40.78 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	334.43	224.55	(32.9 %)
Gross Income	161.06	80.24	(50.2 %)
Operating Income	131.09	58.28	(55.5 %)
Net Income	134.15	52.76	(60.7 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.66	0.26	(60.7 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	211.71	224.55	6.1 %
Gross Income	37.59	80.24	113.4 %
Operating Income	20.80	58.28	180.2 %
Net Income	40.78	52.76	29.4 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.20	0.26	29.4 %

Shareholders’ equity, no minority interest, stood at SAR 4.73 billion as of Dec. 31, 2023, compared to SAR 4.65 billion a year earlier.

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