Financial Results : Yanbu Cement’s 2022 profit jumps 35% to SAR 215.4 mln; Q4 at SAR 59.2 mln

Yanbu Cement’s 2022 profit jumps 35% to SAR 215.4 mln; Q4 at SAR 59.2 mln

14/03/2023 Argaam Exclusive

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Yanbu Cement Co.’s 2022 net profit climbed 35% to SAR 215.4 million, compared to SAR 159.6 million in 2021, thanks to better average selling prices locally and overseas.



Financials (M)

Item 2021 2022 Change‬
Revenues 934.03 981.17 5.0 %
Gross Income 223.61 276.44 23.6 %
Operating Income 129.38 225.00 73.9 %
Net Income 159.56 215.41 35.0 %
Average Shares 157.50 157.50 -
EPS (Riyals) 1.01 1.37 35.0 %

The profit growth was also spurred by the company’s higher profit share from subsidiaries, along with a decline in the cost of sales amid higher clinker production.

 

In Q4 2022, net profit skyrocketed to SAR 59.2 million, from SAR 9.87 million in the prior-year period.

 

Compared to the previous quarter, net profit fell 14.6% from SAR 69.27 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 191.16 239.27 25.2 %
Gross Income 38.68 69.11 78.7 %
Operating Income (19.75) 58.79 397.6 %
Net Income 9.87 59.16 499.6 %
Average Shares 157.50 157.50 -
EPS (Riyals) 0.06 0.38 499.6 %

Total shareholders’ equity, no minority interest, declined to SAR 2.76 billion as of Dec. 31, 2022, from SAR 2.79 billion a year earlier.

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