Yanbu Cement net profit rises 20% to SAR 210.1 mln in 9M 2020

15/10/2020 Argaam Exclusive

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Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 210.12 million for the first nine months of 2020, a rise of 20% year-on-year (YoY), compared to SAR 174.9 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	697.34	674.69	(3.2 %)
Gross Income	231.31	256.83	11.0 %
Operating Income	187.33	224.60	19.9 %
Net Income	174.90	210.12	20.1 %
Average Shares	157.50	157.50	-
EPS (Riyals)	1.11	1.33	20.1 %

The increase was attributed to lower costs, along with a decline in administrative, general and selling expenses. The company also noted a decrease in financing expenses, despite a decrease in revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	227.97	240.36	5.4 %
Gross Income	75.48	89.65	18.8 %
Operating Income	65.71	83.22	26.6 %
Net Income	61.94	81.44	31.5 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.39	0.52	31.5 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	156.93	240.36	53.2 %
Gross Income	56.13	89.65	59.7 %
Operating Income	43.59	83.22	90.9 %
Net Income	36.67	81.44	122.1 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.23	0.52	122.1 %

The third quarter net profit after Zakat and tax rose 34.4% YoY to SAR 82.48 million, due to increase in revenues accompanied by a decrease in cost of revenues and lower administrative, general and selling expenses. The company also noted a decline in financing expenses, along with an increase in other revenues, despite the increase in Zakat expenses.

When compared to the previous quarter, Q3 net profit soared 121%, due to an increase in sales revenue and lower general and administrative expenses.

Shareholders’ equity, after minority, stood at SAR 3.12 billion for the current period.

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