Yanbu Cement 9M 2024 profit leaps 27% to SAR 129.2M; Q3 at SAR 31.1M

23/10/2024 Argaam Exclusive

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Yanbu Cement Co. posted net earnings of SAR 129.2 million for the first nine months of 2024, leaping 27% from SAR 101.8 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	586.62	628.24	7.1 %
Gross Income	162.16	202.64	25.0 %
Operating Income	117.89	144.90	22.9 %
Net Income	101.83	129.17	26.8 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.65	0.82	26.8 %

The annual profit growth was fueled by a rise in local sales revenues and other revenues. This came despite lower export revenues and higher administrative, selling, financing and Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	189.06	199.87	5.7 %
Gross Income	36.27	54.31	49.8 %
Operating Income	22.48	32.67	45.3 %
Net Income	15.54	31.10	100.1 %
Average Shares	157.50	157.50	-
EPS (Riyals)	0.10	0.20	100.1 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	194.20	199.87	2.9 %
Gross Income	64.53	54.31	(15.8 %)
Operating Income	46.97	32.67	(30.4 %)
Net Income	39.77	31.10	(21.8 %)
Average Shares	157.50	157.50	-
EPS (Riyals)	0.25	0.20	(21.8 %)

The third-quarter net earnings soared 100.1% to SAR 31.10 million, from SAR 15.54 million in Q3 2023, driven by strong local sales revenues and other revenues.

Sequentially, the bottom line fell 21.8% from SAR 39.77 million in Q2 2024.

Total shareholders' equity, no minority interest, reached SAR 2.65 billion by Sept. 30, 2024, compared to SAR 2.63 billion in the year-earlier period.

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