Yanbu Cement Co. reported a consolidated net profit after Zakat and tax of SAR 149.7 million for the first nine months of 2021, a drop of 29% from SAR 210.1 million a year earlier.
The company attributed the drop in net profit to lower average selling prices despite increased volumes. Meanwhile, the extended shutdown of production line 4 led to lower clinker production and higher production cost. Moreover, Yanbu Cement cited higher general and administrative expenses.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 674.69 | 742.87 | 10.1 % |
| Gross Income | 256.83 | 184.93 | (28.0 %) |
| Operating Income | 224.60 | 149.13 | (33.6 %) |
| Net Income | 210.12 | 149.69 | (28.8 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 1.33 | 0.95 | (28.8 %) |
The cement producer reported a net profit after Zakat and tax of SAR 36.4 million in Q3 2021, a fall of 56% from SAR 82.5 million in Q3 2020, hit by lower sales volumes on subdued demand along with higher production costs.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 240.36 | 207.78 | (13.6 %) |
| Gross Income | 89.65 | 50.56 | (43.6 %) |
| Operating Income | 83.22 | 37.47 | (55.0 %) |
| Net Income | 81.44 | 35.48 | (56.4 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.52 | 0.23 | (56.4 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 242.69 | 207.78 | (14.4 %) |
| Gross Income | 53.14 | 50.56 | (4.9 %) |
| Operating Income | 43.07 | 37.47 | (13.0 %) |
| Net Income | 41.45 | 35.48 | (14.4 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.26 | 0.23 | (14.4 %) |
When compared to previous quarter, net profit dropped 13% from SAR 41.8 million.
Shareholders’ equity, after minority interest, decreased by 5.7% to SAR 2.94 billion as of Sept. 30, 2021 from SAR 3.12 billion a year earlier.
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