Yanbu Cement 9M 2022 profit rises 4% to SAR 156.2 mln; Q3 jumps to SAR 69.3 mln

26/10/2022 Argaam Exclusive

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Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 156.2 million in the first nine months of 2022, an increase of 4% from SAR 149.7 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	742.87	741.90	(0.1 %)
Gross Income	184.93	207.33	12.1 %
Operating Income	149.13	166.22	11.5 %
Net Income	149.69	156.24	4.4 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.95	0.99	4.4 %

The company attributed the profit rise to a decrease in the cost of goods sold and an increase export revenues, despite lower other revenues and higher administrative, general, selling and financing expenses and Zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	207.78	262.10	26.1 %
Gross Income	50.56	89.25	76.5 %
Operating Income	37.47	75.19	100.7 %
Net Income	35.48	69.27	95.2 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.23	0.44	95.2 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	238.17	262.10	10.0 %
Gross Income	63.65	89.25	40.2 %
Operating Income	50.83	75.19	47.9 %
Net Income	48.04	69.27	44.2 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.31	0.44	44.2 %

The cement producer reported a net profit after Zakat and tax of SAR 69.3 million in Q3 2022, a rise of 90.3% year-on-year (YoY), due to lower cost of goods sold along with higher average of selling price and export revenues.

When compared to previous quarter, Q3 net profit rose 44.2% from SAR 48.04 million.

Shareholders’ equity, after minority interest, decreased by 3.78% to SAR 2.831 billion as of Sept. 30, 2022, from SAR 2.943 billion a year earlier.

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