Yanbu Cement net profit down 29% to SAR 149.7 mln in 9M 2021

21/10/2021 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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