Financial Results : Yanbu Cement net profit drops 11% to SAR 115.2 mln in H1 2021

Yanbu Cement net profit drops 11% to SAR 115.2 mln in H1 2021

15/07/2021 Argaam Exclusive

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Yanbu Cement Co. reported a consolidated net profit after Zakat and tax of SAR 115.2 million for the first half of 2021, a fall of 11% from SAR 129.6 million in the year-ago period.

 

The profit decrease was attributed to lower average selling prices of local sales and higher cost of sales, despite improved sales volumes and a decline in selling, general and administrative (SG&A) expenses.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 434.33 535.09 23.2 %
Gross Income 167.18 134.37 (19.6 %)
Operating Income 141.39 111.65 (21.0 %)
Net Income 128.68 114.21 (11.2 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 0.82 0.73 (11.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 156.93 242.69 54.6 %
Gross Income 56.13 53.14 (5.3 %)
Operating Income 43.59 43.07 (1.2 %)
Net Income 36.67 41.45 13.0 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.23 0.26 13.0 %

The second-quarter net profit after Zakat and tax jumped 12% year-on-year (YoY) to SAR 41.8 million, driven by a decline in selling and distribution expenses as well as Zakat provision, despite an increase in the cost of sales.

 

On a quarterly basis, net profit fell 43% from SAR 73.3 million, on a drop in sales volumes as result of Ramadan and Eid Al-Fitr. Moreover, the cost of production also increased, due to lower clinker and cement production.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 309.34 35.1 % 157.75 42.3 % 149.51 44.4 %
Q2 2012 431.73 38.7 % 234.87 48.1 % 226.15 50.7 %
Q3 2012 338.95 24.4 % 174.32 29.4 % 166.95 30.0 %
Q4 2012 416.48 30.4 % 225.10 48.7 % 214.89 51.0 %
Q1 2013 455.76 47.3 % 263.22 66.9 % 254.88 70.5 %
Q2 2013 479.95 11.2 % 293.97 25.2 % 286.46 26.7 %
Q3 2013 325.42 (4.0 %) 156.71 (10.1 %) 147.52 (11.6 %)
Q4 2013 359.13 (13.8 %) 171.22 (23.9 %) 158.12 (26.4 %)
Q1 2014 439.50 (3.6 %) 223.25 (15.2 %) 213.03 (16.4 %)
Q2 2014 445.90 (7.1 %) 238.28 (18.9 %) 229.31 (20.0 %)
Q3 2014 295.77 (9.1 %) 181.40 15.8 % 171.70 16.4 %
Q4 2014 378.22 5.3 % 210.28 22.8 % 198.78 25.7 %
Q1 2015 437.10 (0.5 %) 224.25 0.4 % 212.34 (0.3 %)
Q2 2015 438.79 (1.6 %) 261.79 9.9 % 250.49 9.2 %
Q3 2015 310.72 5.1 % 161.63 (10.9 %) 150.72 (12.2 %)
Q4 2015 426.36 12.7 % 223.80 6.4 % 212.12 6.7 %
Q1 2016 399.62 (8.6 %) 199.87 (10.9 %) 188.54 (11.2 %)
Q2 2016 348.28 (20.6 %) 169.34 (35.3 %) 155.97 (37.7 %)
Q3 2016 235.52 (24.2 %) 107.30 (33.6 %) 98.09 (34.9 %)
Q4 2016 302.88 (29.0 %) 136.21 (39.1 %) 102.37 (51.7 %)
Q1 2017 307.22 (23.1 %) 131.95 (34.0 %) 122.62 (35.0 %)
Q2 2017 214.25 (38.5 %) 82.86 (51.1 %) 71.50 (54.2 %)
Q3 2017 172.71 (26.7 %) 27.22 (74.6 %) 19.45 (80.2 %)
Q4 2017 222.44 (26.6 %) 115.73 (15.0 %) 100.32 (2.0 %)
Q1 2018 215.53 (29.8 %) 41.31 (68.7 %) 30.27 (75.3 %)
Q2 2018 197.37 (7.9 %) 20.44 (75.3 %) 7.52 (89.5 %)
Q3 2018 152.81 (11.5 %) 23.77 (12.7 %) 12.41 (36.2 %)
Q4 2018 201.43 (9.4 %) 57.34 (50.5 %) 44.74 (55.4 %)
Q1 2019 259.81 20.5 % 92.68 124.3 % 81.20 168.3 %
Q2 2019 209.57 6.2 % 63.15 209.0 % 40.41 437.7 %
Q3 2019 227.97 49.2 % 75.48 217.5 % 65.71 429.6 %
Q4 2019 278.39 38.2 % 103.49 80.5 % 93.76 109.6 %
Q1 2020 277.40 6.8 % 111.05 19.8 % 97.80 20.4 %
Q2 2020 156.93 (25.1 %) 56.13 (11.1 %) 43.59 7.8 %
Q3 2020 240.36 5.4 % 89.65 18.8 % 83.22 26.6 %
Q4 2020 265.30 (4.7 %) 84.95 (17.9 %) 76.04 (18.9 %)
Q1 2021 292.40 5.4 % 81.23 (26.9 %) 68.58 (29.9 %)
Q2 2021 242.69 54.6 % 53.14 (5.3 %) 43.07 (1.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 144.76 43.2 % 0.92 - 144.76 0.92
Q2 2012 215.59 43.8 % 1.37 - 215.59 1.37
Q3 2012 156.71 25.5 % 0.99 - 156.71 0.99
Q4 2012 203.43 32.6 % 1.29 - 203.43 1.29
Q1 2013 247.02 70.6 % 1.57 - 247.02 1.57
Q2 2013 274.41 27.3 % 1.74 - 274.41 1.74
Q3 2013 139.64 (10.9 %) 0.89 - 139.64 0.89
Q4 2013 160.22 (21.2 %) 1.02 - 160.22 1.02
Q1 2014 205.22 (16.9 %) 1.30 - 205.22 1.30
Q2 2014 240.56 (12.3 %) 1.53 19.75 220.81 1.40
Q3 2014 162.84 16.6 % 1.03 - 162.84 1.03
Q4 2014 193.31 20.7 % 1.23 - 193.31 1.23
Q1 2015 207.17 0.9 % 1.32 - 207.17 1.32
Q2 2015 245.50 2.1 % 1.56 - 245.50 1.56
Q3 2015 144.67 (11.2 %) 0.92 - 144.67 0.92
Q4 2015 208.75 8.0 % 1.33 - 208.75 1.33
Q1 2016 170.69 (17.6 %) 1.08 - 170.69 1.08
Q2 2016 159.23 (35.1 %) 1.01 - 159.23 1.01
Q3 2016 92.06 (36.4 %) 0.58 - 92.06 0.58
Q4 2016 103.78 (50.3 %) 0.66 - 103.78 0.66
Q1 2017 124.27 (27.2 %) 0.79 - 124.27 0.79
Q2 2017 80.48 (49.5 %) 0.51 12.12 68.36 0.43
Q3 2017 17.97 (80.5 %) 0.11 - 17.97 0.11
Q4 2017 96.15 (7.4 %) 0.61 - 96.15 0.61
Q1 2018 39.63 (68.1 %) 0.25 10.77 28.86 0.18
Q2 2018 4.04 (95.0 %) 0.03 - 4.04 0.03
Q3 2018 13.28 (26.1 %) 0.08 - 13.28 0.08
Q4 2018 34.24 (64.4 %) 0.22 - 34.24 0.22
Q1 2019 72.52 83.0 % 0.46 - 72.52 0.46
Q2 2019 40.44 902.1 % 0.26 - 40.44 0.26
Q3 2019 61.94 366.3 % 0.39 - 61.94 0.39
Q4 2019 82.93 142.2 % 0.53 - 82.93 0.53
Q1 2020 92.02 26.9 % 0.58 - 92.02 0.58
Q2 2020 36.67 (9.3 %) 0.23 - 36.67 0.23
Q3 2020 81.44 31.5 % 0.52 - 81.44 0.52
Q4 2020 70.91 (14.5 %) 0.45 - 70.91 0.45
Q1 2021 72.76 (20.9 %) 0.46 - 72.76 0.46
Q2 2021 41.45 13.0 % 0.26 - 41.45 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 49.68 % 57.26 % 47.25 %
Q2 2012 50.92 % 59.65 % 47.91 %
Q3 2012 51.33 % 61.22 % 47.91 %
Q4 2012 52.93 % 63.15 % 48.14 %
Q1 2013 54.63 % 65.08 % 50.08 %
Q2 2013 56.57 % 66.79 % 52.13 %
Q3 2013 55.97 % 66.15 % 51.53 %
Q4 2013 54.63 % 65.00 % 50.69 %
Q1 2014 52.69 % 63.16 % 48.60 %
Q2 2014 50.29 % 61.01 % 46.24 %
Q3 2014 52.86 % 63.87 % 48.63 %
Q4 2014 54.71 % 65.75 % 50.16 %
Q1 2015 54.86 % 65.83 % 50.36 %
Q2 2015 56.63 % 67.51 % 52.19 %
Q3 2015 54.83 % 65.59 % 50.53 %
Q4 2015 54.03 % 64.33 % 49.97 %
Q1 2016 53.77 % 64.52 % 48.85 %
Q2 2016 50.82 % 62.28 % 46.02 %
Q3 2016 49.68 % 61.97 % 44.74 %
Q4 2016 47.63 % 59.82 % 40.87 %
Q1 2017 45.63 % 58.93 % 40.15 %
Q2 2017 43.24 % 58.50 % 36.65 %
Q3 2017 37.94 % 54.41 % 31.53 %
Q4 2017 39.03 % 59.13 % 33.47 %
Q1 2018 32.38 % 53.63 % 25.62 %
Q2 2018 25.33 % 45.66 % 18.19 %
Q3 2018 25.53 % 44.82 % 18.06 %
Q4 2018 18.62 % 37.80 % 10.48 %
Q1 2019 23.94 % 42.02 % 15.29 %
Q2 2019 28.77 % 45.32 % 19.49 %
Q3 2019 32.12 % 47.53 % 23.27 %
Q4 2019 34.31 % 48.74 % 26.42 %
Q1 2020 35.55 % 49.43 % 27.92 %
Q2 2020 36.80 % 52.59 % 29.08 %
Q3 2020 37.81 % 53.74 % 30.75 %
Q4 2020 36.36 % 53.16 % 29.90 %
Q1 2021 32.67 % 49.27 % 27.41 %
Q2 2021 29.69 % 45.30 % 25.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 157.50 3.64 3.64 17.31
Q2 2012 157.50 4.05 4.05 18.68
Q3 2012 157.50 4.26 4.26 19.67
Q4 2012 157.50 4.57 4.57 20.96
Q1 2013 157.50 5.22 5.22 19.19
Q2 2013 157.50 5.60 5.60 20.93
Q3 2013 157.50 5.49 5.49 19.81
Q4 2013 157.50 5.21 5.21 20.83
Q1 2014 157.50 4.95 4.95 20.12
Q2 2014 157.50 4.73 4.61 21.65
Q3 2014 157.50 4.88 4.76 21.18
Q4 2014 157.50 5.09 4.97 22.41
Q1 2015 157.50 5.10 4.98 23.72
Q2 2015 157.50 5.14 5.14 22.77
Q3 2015 157.50 5.02 5.02 22.19
Q4 2015 157.50 5.12 5.12 23.51
Q1 2016 157.50 4.89 4.89 24.56
Q2 2016 157.50 4.34 4.34 21.17
Q3 2016 157.50 4.00 4.00 21.77
Q4 2016 157.50 3.34 3.34 22.27
Q1 2017 157.50 3.04 3.04 21.10
Q2 2017 157.50 2.54 2.47 20.86
Q3 2017 157.50 2.07 2.00 20.98
Q4 2017 157.50 2.02 1.95 21.54
Q1 2018 157.50 1.49 1.34 21.79
Q2 2018 157.50 1.00 0.93 20.57
Q3 2018 157.50 0.97 0.90 20.15
Q4 2018 157.50 0.58 0.51 20.37
Q1 2019 157.50 0.79 0.79 20.83
Q2 2019 157.50 1.02 1.02 20.57
Q3 2019 157.50 1.33 1.33 20.22
Q4 2019 157.50 1.64 1.64 20.77
Q1 2020 157.50 1.76 1.76 21.36
Q2 2020 157.50 1.74 1.74 20.34
Q3 2020 157.50 1.86 1.86 19.82
Q4 2020 157.50 1.78 1.78 19.03
Q1 2021 157.50 1.66 1.66 19.49
Q2 2021 157.50 1.69 1.69 19.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 14.29 14.29 3.00
Q2 2012 13.03 13.03 2.83
Q3 2012 11.67 11.67 2.52
Q4 2012 11.44 11.44 2.50
Q1 2013 11.15 11.15 3.04
Q2 2013 12.01 12.01 3.21
Q3 2013 13.44 13.44 3.72
Q4 2013 12.80 12.80 3.20
Q1 2014 14.19 14.19 3.49
Q2 2014 15.42 15.84 3.37
Q3 2014 15.87 16.29 3.66
Q4 2014 12.11 12.41 2.75
Q1 2015 13.56 13.90 2.92
Q2 2015 12.35 12.35 2.78
Q3 2015 10.69 10.69 2.42
Q4 2015 8.52 8.52 1.86
Q1 2016 10.06 10.06 2.00
Q2 2016 9.98 9.98 2.05
Q3 2016 8.41 8.41 1.55
Q4 2016 12.13 12.13 1.82
Q1 2017 12.06 12.06 1.74
Q2 2017 12.55 12.94 1.53
Q3 2017 13.74 14.27 1.36
Q4 2017 16.70 17.36 1.57
Q1 2018 22.28 24.70 1.52
Q2 2018 27.00 28.98 1.32
Q3 2018 22.28 23.97 1.07
Q4 2018 41.45 47.01 1.18
Q1 2019 35.73 35.73 1.35
Q2 2019 30.33 30.33 1.50
Q3 2019 26.09 26.09 1.71
Q4 2019 23.31 23.31 1.84
Q1 2020 14.60 14.60 1.20
Q2 2020 16.12 16.12 1.38
Q3 2020 19.40 19.40 1.82
Q4 2020 22.73 22.73 2.13
Q1 2021 25.96 25.96 2.21
Q2 2021 26.29 26.29 2.25

Business Segments (Million)

Compared With The
Period Bulk Cement Packed Cement Cement Bags Raw Cement (Clinker)
Q1 2019 110.95 66.33 13.23 69.30
Q2 2019 95.23 51.35 7.59 55.41
Q3 2019 105.62 62.59 18.15 41.61
Q4 2019 142.42 79.20 21.71 35.06
Q1 2020 162.95 78.52 15.97 19.97
Q2 2020 91.26 46.64 19.04 -
Q3 2020 135.26 75.94 19.73 9.43
Q4 2020 149.16 82.68 19.08 14.38
Q1 2021 144.11 92.35 16.13 39.81
Q2 2021 118.10 65.53 11.18 47.87

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 49.92 41.45 (17.0 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
AlJazira Capital 39.10 41.45 6.0 %
SNB Capital 53.00 41.45 (21.8) %
OSOOL AND BAKHEET 64.50 41.45 (35.7) %
Riyad Capital 67.00 41.45 (38.1) %
Al Rajhi Capital 26.00 41.45 59.4 %


Financial Ratios
Current
Market Cap (M Riyal) 3,679.20
Enterprise Value (EV) (M) 3,908.21
Shares Outstanding ((M)) 157.50
EPS ( Riyal) (TTM) 0.93
Book Value (BV) ( Riyal) 16.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.98
P/E (TTM) 24.98
Price/book 1.38
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 5.6
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Share Price

Yanbu Cement Co.
23.36
(0.24) (1.02 %)

Yanbu Cement Co. (YCC)

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