Yanbu Cement profit slips to SAR 86.3 mln in H1 2023; Q2 at SAR 35.3 mln

02/08/2023 Argaam Exclusive

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Yanbu Cement Co.’s net profit edged down 0.8% to SAR 86.3 million in H1 2023, from SAR 87 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	479.80	397.56	(17.1 %)
Gross Income	118.09	125.89	6.6 %
Operating Income	91.03	95.40	4.8 %
Net Income	86.97	86.29	(0.8 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.55	0.55	(0.8 %)

The marginal decline was attributed to a decline in demand, which weighed on sales volumes, and other income. The cement producer recorded higher general and administrative expenses (G&A), and financing costs despite better average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	238.17	173.56	(27.1 %)
Gross Income	63.65	53.36	(16.2 %)
Operating Income	50.83	39.66	(22.0 %)
Net Income	48.04	35.27	(26.6 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.31	0.22	(26.6 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	224.01	173.56	(22.5 %)
Gross Income	72.53	53.36	(26.4 %)
Operating Income	55.74	39.66	(28.9 %)
Net Income	51.01	35.27	(30.9 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.32	0.22	(30.9 %)

In Q2 2023, the company’s net profit fell 27% to SAR 35.27 million from SAR 48.04 million in the prior year-period on lower demand as well as higher G&A and financing cost.

Sequentially, the cement producer’s profit dropped 30.9% from SAR 51.01 million in Q1 2023 hurt by weak demand and higher financing cost.

Total shareholders' equity, excluding minority interest, reached SAR 2.61 billion as of June 30, 2023, compared to SAR 2.76 billion in the prior-year period.

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