Yanbu Cement profit down 43% to SAR 159.6 mln in 2021; Q4 falls 86% to SAR 9.9 mln

06/03/2022 Argaam Exclusive

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Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 159.6 million for 2021, a drop of 43% from SAR 281 million a year earlier.

The decline was driven by lower selling prices, higher cost of revenue and general and administrative expenses, despite higher sales volume.

Financials (M)

Item	2020	2021	Change‬
Revenues	939.99	934.03	(0.6 %)
Gross Income	341.78	223.61	(34.6 %)
Operating Income	300.64	129.38	(57.0 %)
Net Income	281.02	159.56	(43.2 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	1.78	1.01	(43.2 %)

The company’s Q4 2021 net profit after Zakat and tax fell 86% to SAR 9.9 million.

On a sequential basis, net profit declined 72.2% from SAR 35.48 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	265.30	191.16	(27.9 %)
Gross Income	84.95	38.68	(54.5 %)
Operating Income	76.04	(19.75)	(126.0 %)
Net Income	70.91	9.87	(86.1 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.45	0.06	(86.1 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	207.78	191.16	(8.0 %)
Gross Income	50.56	38.68	(23.5 %)
Operating Income	37.47	(19.75)	(152.7 %)
Net Income	35.48	9.87	(72.2 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.23	0.06	(72.2 %)

Total shareholders’ equity, after minority interest, fell to SAR 2.795 billion as of Dec. 31, 2021, from SAR 2.996 billion a year earlier.

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