Financial Results : Yamama Cement’s 9M 2023 profit jumps 13% to SAR 251.5 mln; Q3 at SAR 40.8 mln

Yamama Cement’s 9M 2023 profit jumps 13% to SAR 251.5 mln; Q3 at SAR 40.8 mln

16/10/2023 Argaam Exclusive

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Yamama Cement Co. reported a net profit of SAR 251.5 million in the first nine months of 2023, a 13% increase from SAR 221.7 million in the prior-year period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 673.68 710.51 5.5 %
Gross Income 247.59 254.99 3.0 %
Operating Income 200.95 205.28 2.2 %
Net Income 221.65 251.49 13.5 %
Average Shares 202.50 202.50 -
EPS (Riyals) 1.09 1.24 13.5 %

The nine-month results were lifted by higher sales value, compared to the corresponding period in 2022. The cement producer also reported an uptick in other income and the refund of a Zakat provision for the current period.

 

The third-quarter net profit fell by 60% to SAR 40.8 million, from SAR 101.3 million in Q3 2022, hurt by a year-on-year (YoY) decline in sales value and higher finance costs.

 

Compared to Q2 2023, the company’s net earnings dropped 58.5% from SAR 98.31 million, as sales value and other income decreased on a quarterly basis.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 248.63 211.71 (14.8 %)
Gross Income 111.92 37.59 (66.4 %)
Operating Income 96.58 20.80 (78.5 %)
Net Income 101.33 40.78 (59.8 %)
Average Shares 202.50 202.50 -
EPS (Riyals) 0.50 0.20 (59.8 %)

Shareholders’ equity, no minority interest, stood at SAR 4.69 billion as of Sept. 30, 2023, compared to SAR 4.50 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2021 170.67 (31.6 %) 54.39 (52.4 %) 40.17 (59.3 %)
Q4 2021 182.34 (26.8 %) (1.75) (101.7 %) (21.17) (125.0 %)
Q1 2022 221.58 22.9 % 40.74 (43.3 %) 23.31 (59.4 %)
Q2 2022 209.29 3.3 % 100.75 5.0 % 81.06 0.8 %
Q3 2022 248.63 45.7 % 111.92 105.8 % 96.58 140.4 %
Q4 2022 334.43 83.4 % 161.06 9298.0 % 131.09 719.2 %
Q1 2023 279.86 26.3 % 133.84 228.6 % 117.09 402.3 %
Q2 2023 218.94 4.6 % 83.56 (17.1 %) 67.39 (16.9 %)
Q3 2023 211.71 (14.8 %) 37.59 (66.4 %) 20.80 (78.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2021 39.97 (58.1 %) 0.20 - 39.97 0.20
Q4 2021 (18.86) (113.9 %) (0.09) - (18.86) (0.09)
Q1 2022 29.62 (46.0 %) 0.15 8.33 21.28 0.11
Q2 2022 90.70 16.8 % 0.45 10.32 80.38 0.40
Q3 2022 101.33 153.5 % 0.50 - 101.33 0.50
Q4 2022 134.15 811.4 % 0.66 15.83 118.32 0.58
Q1 2023 112.40 279.5 % 0.56 - 112.40 0.56
Q2 2023 98.31 8.4 % 0.49 20.33 77.98 0.39
Q3 2023 40.78 (59.8 %) 0.20 29.09 11.70 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2021 40.37 % 33.76 % 33.83 %
Q4 2021 29.95 % 22.45 % 20.88 %
Q1 2022 24.36 % 16.88 % 15.45 %
Q2 2022 24.76 % 16.82 % 15.66 %
Q3 2022 29.20 % 21.82 % 21.37 %
Q4 2022 40.88 % 36.26 % 31.69 %
Q1 2023 47.34 % 46.97 % 38.47 %
Q2 2023 45.33 % 49.05 % 37.90 %
Q3 2023 39.81 % 47.56 % 30.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2021 202.50 1.52 1.34 21.23
Q4 2021 202.50 0.76 0.76 21.14
Q1 2022 202.50 0.63 0.59 21.32
Q2 2022 202.50 0.70 0.61 21.72
Q3 2022 202.50 1.00 0.91 22.25
Q4 2022 202.50 1.76 1.59 22.97
Q1 2023 202.50 2.17 2.04 22.52
Q2 2023 202.50 2.20 2.02 23.01
Q3 2023 202.50 1.90 1.58 23.21

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 19.86 22.52 1.42
Q4 2021 34.26 34.26 1.23
Q1 2022 51.09 54.64 1.52
Q2 2022 36.01 41.48 1.16
Q3 2022 28.71 31.62 1.29
Q4 2022 15.37 17.02 1.18
Q1 2023 14.22 15.12 1.37
Q2 2023 17.09 18.59 1.64
Q3 2023 17.43 20.98 1.43

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 85.58 40.78 (52.3 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
Al Rajhi Capital 48.00 40.78 (15.0) %
AlJazira Capital 67.10 40.78 (39.2) %
Value Capital 82.25 40.78 (50.4) %
SNB Capital 84.30 40.78 (51.6) %
OSOOL AND BAKHEET 88.36 40.78 (53.8) %
U-Capital 89.80 40.78 (54.6) %
Riyad Capital 90.00 40.78 (54.7) %
Hermes 91.00 40.78 (55.2) %
United Securities Company 101.00 40.78 (59.6) %
Sico 114.00 40.78 (64.2) %


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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