Yanbu Cement’s 9M net profit down 35% to SAR 101.8 mln; Q3 at SAR 15.5 mln

31/10/2023 Argaam Exclusive

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Yanbu Cement reported a net profit of SAR 101.8 million for the first nine months of 2023, a decline of 35% from SAR 156.2 million in a year earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	741.90	586.62	(20.9 %)
Gross Income	207.33	162.16	(21.8 %)
Operating Income	166.22	117.89	(29.1 %)
Net Income	156.24	101.83	(34.8 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.99	0.65	(34.8 %)

This was due to due to lower volume and value of sales, increase in general and administrative expenses (G&As), decrease in other revenues, and higher finance costs despite lower Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	262.10	189.06	(27.9 %)
Gross Income	89.25	36.27	(59.4 %)
Operating Income	75.19	22.48	(70.1 %)
Net Income	69.27	15.54	(77.6 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.44	0.10	(77.6 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	173.56	189.06	8.9 %
Gross Income	53.36	36.27	(32.0 %)
Operating Income	39.66	22.48	(43.3 %)
Net Income	35.27	15.54	(55.9 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.22	0.10	(55.9 %)

Q3 2023 net profit reached SAR 15.5 million, a slump of 78% from SAR 69.27 million in the year earlier period on lower quantities of cement sales, increase in finance costs, and higher other expenses despite lower Zakat expanses.

On a sequential basis, Q3 net profit dropped 55.9% from SAR 35.27 million.

Total shareholders’ equity, after minority interest, reached SAR 2.63 billion by Sept. 30, 2023, compared to SAR 2.83 billion in the year earlier period.

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