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.
| 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.
| 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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