Yanbu Cement’s H1 2022 net profit declines 25% to SAR 87 mln; Q2 at SAR 48 mln

26/07/2022 Argaam Exclusive

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Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 87 million in H1 2022, down 25%, compared to SAR 115.2 million in a year-earlier period, triggered by lower sales volumes and increased general and administrative expenses (G&As).

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	535.09	479.80	(10.3 %)
Gross Income	134.37	118.09	(12.1 %)
Operating Income	111.65	91.03	(18.5 %)
Net Income	114.21	86.97	(23.8 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.73	0.55	(23.8 %)

The company’s Q2 2022 net profit grew 15% year-on-year (YoY) to SAR 48 million, driven by lower cost of sales.

On a sequential basis, net profit increased 23.4%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	242.69	238.17	(1.9 %)
Gross Income	53.14	63.65	19.8 %
Operating Income	43.07	50.83	18.0 %
Net Income	41.45	48.04	15.9 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.26	0.31	15.9 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	241.63	238.17	(1.4 %)
Gross Income	54.44	63.65	16.9 %
Operating Income	40.20	50.83	26.5 %
Net Income	38.93	48.04	23.4 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.25	0.31	23.4 %

Total shareholders’ equity, excluding minority interest, stood at SAR 2.763 billion by the end of H1 2022, compared to SAR 3.110 billion a year earlier.

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