Yamama Cement’s H1 net profit up 75% to SAR 210.7 mln; Q2 at SAR 98.3 mln

01/08/2023 Argaam Exclusive

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Yamama Cement Co. reported a net profit of SAR 210.7 million in the first half of 2023, a 75% increase compared to SAR 120.3 million in H1 2022, on higher sales value, increased other revenue, and lower Zakat provisions.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	430.86	498.80	15.8 %
Gross Income	141.48	217.39	53.7 %
Operating Income	104.37	184.48	76.8 %
Net Income	120.31	210.71	75.1 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.59	1.04	75.1 %

Net earnings grew in the second quarter by 8% year-on-year (YoY) to SAR 98.3 million. The cement producer reported a rise in other income and lower Zakat provisions.

On a quarterly basis, net profit dropped 12.5% from SAR 112.40 million in Q1 2023 on lower sales revenue and volume.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	209.29	218.94	4.6 %
Gross Income	100.75	83.56	(17.1 %)
Operating Income	81.06	67.39	(16.9 %)
Net Income	90.70	98.31	8.4 %
Average Shares	202.50	202.50	-
EPS (Riyals)	0.45	0.49	8.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	279.86	218.94	(21.8 %)
Gross Income	133.84	83.56	(37.6 %)
Operating Income	117.09	67.39	(42.4 %)
Net Income	112.40	98.31	(12.5 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.56	0.49	(12.5 %)

Shareholders’ equity, no minority interest, stood at SAR 4.65 billion as of June 30, 2023, compared to SAR 4.39 billion in a prior-year period.

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