Yanbu Cement profit falls 44% to SAR 119.9M in 2023; Q4 at SAR 18.1M

13/03/2024 Argaam Exclusive

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Yanbu Cement Co. reported a decline of 44% in net profit to SAR 119.9 million in 2023, from SAR 215.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	981.17	780.55	(20.4 %)
Gross Income	276.44	189.20	(31.6 %)
Operating Income	225.00	126.21	(43.9 %)
Net Income	215.41	119.92	(44.3 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	1.37	0.76	(44.3 %)

The profit decline was attributed to lower sales revenues and higher financing costs, despite the increase in other revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	239.27	193.92	(19.0 %)
Gross Income	69.11	27.05	(60.9 %)
Operating Income	58.79	8.32	(85.8 %)
Net Income	59.16	18.09	(69.4 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.38	0.11	(69.4 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	189.06	193.92	2.6 %
Gross Income	36.27	27.05	(25.4 %)
Operating Income	22.48	8.32	(63.0 %)
Net Income	15.54	18.09	16.4 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.10	0.11	16.4 %

Total shareholders’ equity, no minority interest, declined to SAR 2.65 billion as of Dec. 31, 2023, from SAR 2.76 billion a year earlier.

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