Yamama Cement’s 9M 2023 profit jumps 13% to SAR 251.5 mln; Q3 at SAR 40.8 mln

16/10/2023 Argaam Exclusive

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Share Price

Yamama Cement Co. (YSCC)

Yamama Cement Co. reported a net profit of SAR 251.5 million in the first nine months of 2023, a 13% increase from SAR 221.7 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	673.68	710.65	5.5 %
Gross Income	247.59	255.12	3.0 %
Operating Income	200.95	205.28	2.2 %
Net Income	221.65	251.49	13.5 %
Average Shares	202.50	202.50	-
EPS (Riyals)	1.09	1.24	13.5 %

The nine-month results were lifted by higher sales value, compared to the corresponding period in 2022. The cement producer also reported an uptick in other income and the refund of a Zakat provision for the current period.

The third-quarter net profit fell by 60% to SAR 40.8 million, from SAR 101.3 million in Q3 2022, hurt by a year-on-year (YoY) decline in sales value and higher finance costs.

Compared to Q2 2023, the company’s net earnings dropped 58.5% from SAR 98.31 million, as sales value and other income decreased on a quarterly basis.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	248.63	211.71	(14.8 %)
Gross Income	111.92	37.59	(66.4 %)
Operating Income	96.58	20.80	(78.5 %)
Net Income	101.33	40.78	(59.8 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.50	0.20	(59.8 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	218.94	211.71	(3.3 %)
Gross Income	83.56	37.59	(55.0 %)
Operating Income	67.39	20.80	(69.1 %)
Net Income	98.31	40.78	(58.5 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.49	0.20	(58.5 %)

Shareholders’ equity, no minority interest, stood at SAR 4.69 billion as of Sept. 30, 2023, compared to SAR 4.50 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	367.36	(23.9 %)	181.30	(38.1 %)	174.64	(36.9 %)	0.86
Q2 2014	366.02	(19.6 %)	198.63	(26.1 %)	207.36	(22.5 %)	1.02
Q3 2014	277.23	(5.6 %)	148.57	(3.6 %)	137.16	(7.4 %)	0.68
Q4 2014	318.26	2.7 %	183.72	11.2 %	151.69	(14.6 %)	0.75
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
Q1 2015	338.94	(7.7 %)	182.05	0.4 %	175.41	0.4 %	0.87
Q2 2015	339.50	(7.2 %)	188.03	(5.3 %)	191.48	(7.7 %)	0.95
Q3 2015	280.27	1.1 %	166.47	12.0 %	95.53	(30.4 %)	0.47
Q4 2015	352.36	10.7 %	199.89	8.8 %	152.80	0.7 %	0.75
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
Q1 2016	376.04	10.9 %	186.55	2.5 %	150.46	(14.2 %)	0.74
Q2 2016	280.46	(17.4 %)	113.02	(39.9 %)	116.29	(39.3 %)	0.57
Q3 2016	235.63	(15.9 %)	98.99	(40.5 %)	56.31	(41.1 %)	0.28
Q4 2016	232.88	(33.9 %)	71.50	(64.2 %)	34.81	(77.2 %)	0.17
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
Q1 2017	220.19	(41.4 %)	62.92	(66.3 %)	50.82	(66.2 %)	0.25
Q2 2017	194.75	(30.6 %)	32.95	(70.8 %)	12.17	(89.5 %)	0.06
Q3 2017	164.19	(30.3 %)	41.95	(57.6 %)	29.15	(48.2 %)	0.14
Q4 2017	169.12	(27.4 %)	53.85	(24.7 %)	12.45	(64.2 %)	0.06
2017	748.26	(33.5 %)	191.66	(59.2 %)	104.59	(70.8 %)	0.52
Q1 2018	141.15	(35.9 %)	38.81	(38.3 %)	23.84	(53.1 %)	0.12
Q2 2018	111.99	(42.5 %)	(13.34)	(140.5 %)	(36.25)	(397.9 %)	(0.18)
Q3 2018	107.71	(34.4 %)	(24.70)	(158.9 %)	(46.38)	(259.1 %)	(0.23)
Q4 2018	160.36	(5.2 %)	33.32	(38.1 %)	6.95	(44.2 %)	0.03
2018	521.22	(30.3 %)	34.09	(82.2 %)	(51.84)	(149.6 %)	(0.26)
Q1 2019	213.88	51.5 %	90.75	133.8 %	70.63	196.2 %	0.35
Q2 2019	165.33	47.6 %	65.45	590.6 %	53.17	246.7 %	0.26
Q3 2019	186.50	73.1 %	76.13	408.2 %	54.73	218.0 %	0.27
Q4 2019	236.16	47.3 %	104.31	213.1 %	77.80	1019.4 %	0.38
2019	801.88	53.8 %	336.63	887.5 %	256.34	594.5 %	1.27
Q1 2020	290.02	35.6 %	145.97	60.9 %	123.97	75.5 %	0.61
Q2 2020	167.13	1.1 %	77.94	19.1 %	50.84	(4.4 %)	0.25
Q3 2020	249.65	33.9 %	114.29	50.1 %	95.32	74.2 %	0.47
Q4 2020	249.21	5.5 %	101.85	(2.4 %)	135.43	74.1 %	0.67
2020	956.00	19.2 %	440.05	30.7 %	405.55	58.2 %	2.00
Q1 2021	180.26	(37.8 %)	71.82	(50.8 %)	54.87	(55.7 %)	0.27
Q2 2021	202.58	21.2 %	95.95	23.1 %	77.68	52.8 %	0.38
Q3 2021	170.67	(31.6 %)	54.39	(52.4 %)	39.97	(58.1 %)	0.20
Q4 2021	182.34	(26.8 %)	(1.75)	(101.7 %)	(18.86)	(113.9 %)	(0.09)
2021	735.84	(23.0 %)	220.41	(49.9 %)	153.67	(62.1 %)	0.76
Q1 2022	221.58	22.9 %	40.74	(43.3 %)	29.62	(46.0 %)	0.15
Q2 2022	209.29	3.3 %	100.75	5.0 %	90.70	16.8 %	0.45
Q3 2022	248.63	45.7 %	111.92	105.8 %	101.33	153.5 %	0.50
Q4 2022	334.43	83.4 %	161.06	9298.0 %	134.15	811.4 %	0.66
2022	1,008.11	37.0 %	408.65	85.4 %	355.80	131.5 %	1.76
Q1 2023	279.86	26.3 %	133.84	228.6 %	112.40	279.5 %	0.56
Q2 2023	218.94	4.6 %	83.56	(17.1 %)	98.31	8.4 %	0.49
Q3 2023	211.71	(14.8 %)	37.59	(66.4 %)	40.78	(59.8 %)	0.20

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
2014	1,328.87	(13.8 %)	712.21	(19.2 %)	670.84	(22.9 %)	3.31
2015	1,311.07	(1.3 %)	736.45	3.4 %	615.21	(8.3 %)	3.04
2016	1,125.01	(14.2 %)	470.06	(36.2 %)	357.86	(41.8 %)	1.77
2017	748.26	(33.5 %)	191.66	(59.2 %)	104.59	(70.8 %)	0.52
2018	521.22	(30.3 %)	34.09	(82.2 %)	(51.84)	(149.6 %)	(0.26)
2019	801.88	53.8 %	336.63	887.5 %	256.34	594.5 %	1.27
2020	956.00	19.2 %	440.05	30.7 %	405.55	58.2 %	2.00
2021	735.84	(23.0 %)	220.41	(49.9 %)	153.67	(62.1 %)	0.76
2022	1,008.11	37.0 %	408.65	85.4 %	355.80	131.5 %	1.76

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	53.94 %	63.64 %	52.10 %
Q2 2014	52.30 %	62.41 %	48.76 %
Q3 2014	52.54 %	62.78 %	48.54 %
Q4 2014	53.60 %	63.82 %	49.28 %
2014	53.60 %	63.82 %	49.28 %
Q1 2015	54.82 %	65.14 %	50.41 %
Q2 2015	55.13 %	65.64 %	52.65 %
Q3 2015	56.41 %	66.81 %	49.27 %
Q4 2015	56.17 %	66.76 %	48.07 %
2015	56.17 %	66.76 %	48.07 %
Q1 2016	54.96 %	66.81 %	44.90 %
Q2 2016	51.66 %	66.29 %	41.12 %
Q3 2016	48.09 %	65.68 %	39.44 %
Q4 2016	41.78 %	63.24 %	33.14 %
2016	41.78 %	63.24 %	33.14 %
Q1 2017	35.75 %	58.97 %	28.19 %
Q2 2017	30.15 %	52.41 %	19.14 %
Q3 2017	25.78 %	46.15 %	17.48 %
Q4 2017	25.61 %	44.06 %	16.80 %
2017	25.61 %	44.06 %	16.80 %
Q1 2018	25.04 %	45.58 %	14.75 %
Q2 2018	20.68 %	44.56 %	8.57 %
Q3 2018	10.31 %	37.30 %	(4.77 %)
Q4 2018	6.54 %	33.33 %	(9.95 %)
2018	6.54 %	33.33 %	(9.95 %)
Q1 2019	14.48 %	37.33 %	(0.85 %)
Q2 2019	25.46 %	46.16 %	13.04 %
Q3 2019	36.58 %	54.50 %	25.55 %
Q4 2019	41.98 %	57.40 %	31.97 %
2019	41.98 %	57.40 %	31.97 %
Q1 2020	44.63 %	53.46 %	35.27 %
Q2 2020	45.96 %	48.82 %	34.93 %
Q3 2020	46.93 %	44.75 %	36.90 %
Q4 2020	46.03 %	39.58 %	38.61 %
2020	46.03 %	39.58 %	38.61 %
Q1 2021	43.24 %	36.01 %	35.46 %
Q2 2021	43.54 %	37.30 %	37.08 %
Q3 2021	40.37 %	33.76 %	33.83 %
Q4 2021	29.95 %	22.45 %	20.88 %
2021	29.95 %	22.45 %	20.88 %
Q1 2022	24.36 %	16.88 %	15.45 %
Q2 2022	24.76 %	16.82 %	15.66 %
Q3 2022	29.20 %	21.82 %	21.37 %
Q4 2022	40.88 %	36.26 %	31.69 %
2022	40.54 %	36.47 %	31.87 %
Q1 2023	47.34 %	46.97 %	38.47 %
Q2 2023	45.33 %	49.05 %	37.90 %
Q3 2023	39.81 %	47.56 %	30.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	57.14 %	66.10 %	54.83 %
2014	53.60 %	63.82 %	49.28 %
2015	56.17 %	66.76 %	48.07 %
2016	41.78 %	63.24 %	33.14 %
2017	25.61 %	44.06 %	16.80 %
2018	6.54 %	33.33 %	(9.95 %)
2019	41.98 %	57.40 %	31.97 %
2020	46.03 %	39.58 %	38.61 %
2021	29.95 %	22.45 %	20.88 %
2022	40.54 %	36.47 %	31.87 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	49.35 %	58.73 %	47.54 %
Q2 2014	54.27 %	62.93 %	48.18 %
Q3 2014	53.59 %	66.05 %	49.47 %
Q4 2014	57.72 %	68.76 %	52.38 %
Q1 2015	53.71 %	63.38 %	51.75 %
Q2 2015	55.39 %	64.65 %	56.40 %
Q3 2015	59.40 %	71.38 %	34.08 %
Q4 2015	56.73 %	68.36 %	47.62 %
Q1 2016	49.61 %	63.92 %	40.01 %
Q2 2016	40.30 %	61.78 %	41.47 %
Q3 2016	42.01 %	69.13 %	23.90 %
Q4 2016	30.70 %	57.92 %	21.39 %
Q1 2017	28.57 %	45.64 %	23.08 %
Q2 2017	16.92 %	33.23 %	6.25 %
Q3 2017	25.55 %	45.44 %	17.75 %
Q4 2017	31.84 %	53.12 %	19.83 %
Q1 2018	27.50 %	53.73 %	16.89 %
Q2 2018	(11.91 %)	18.81 %	(32.37 %)
Q3 2018	(22.93 %)	10.15 %	(43.06 %)
Q4 2018	20.78 %	41.07 %	4.33 %
Q1 2019	42.43 %	57.91 %	33.02 %
Q2 2019	39.58 %	59.34 %	32.16 %
Q3 2019	40.82 %	57.84 %	29.35 %
Q4 2019	44.17 %	55.22 %	32.94 %
Q1 2020	50.33 %	45.85 %	42.74 %
Q2 2020	46.63 %	34.87 %	30.42 %
Q3 2020	45.78 %	40.19 %	38.18 %
Q4 2020	40.87 %	34.82 %	39.74 %
Q1 2021	39.84 %	32.91 %	30.44 %
Q2 2021	47.36 %	40.71 %	38.35 %
Q3 2021	31.87 %	24.84 %	23.42 %
Q4 2021	(0.96 %)	(10.43 %)	(10.34 %)
Q1 2022	18.38 %	11.44 %	9.61 %
Q2 2022	48.14 %	39.71 %	38.41 %
Q3 2022	45.01 %	39.68 %	40.76 %
Q4 2022	48.16 %	48.01 %	35.38 %
Q1 2023	47.82 %	57.64 %	40.16 %
Q2 2023	38.16 %	50.32 %	35.62 %
Q3 2023	17.76 %	30.68 %	5.52 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	202.50	3.79	3.67	18.68
Q2 2014	202.50	3.50	3.22	19.69
Q3 2014	202.50	3.44	3.17	19.06
Q4 2014	202.50	3.31	3.23	18.43
Q1 2015	202.50	3.32	3.24	18.52
Q2 2015	202.50	3.24	3.31	18.70
Q3 2015	202.50	3.03	3.11	18.29
Q4 2015	202.50	3.04	3.11	18.18
Q1 2016	202.50	2.91	2.99	18.16
Q2 2016	202.50	2.54	2.62	18.19
Q3 2016	202.50	2.35	2.42	18.16
Q4 2016	202.50	1.77	1.84	16.79
Q1 2017	202.50	1.28	1.35	16.82
Q2 2017	202.50	0.76	0.84	16.79
Q3 2017	202.50	0.63	0.70	16.92
Q4 2017	202.50	0.52	0.62	16.96
Q1 2018	202.50	0.38	0.49	17.06
Q2 2018	202.50	0.14	0.25	16.86
Q3 2018	202.50	(0.23)	(0.12)	16.58
Q4 2018	202.50	(0.26)	(0.26)	16.64
Q1 2019	202.50	(0.02)	(0.02)	17.01
Q2 2019	202.50	0.42	0.42	17.29
Q3 2019	202.50	0.92	0.92	17.58
Q4 2019	202.50	1.27	1.27	17.98
Q1 2020	202.50	1.53	1.53	18.49
Q2 2020	202.50	1.52	1.52	18.30
Q3 2020	202.50	1.72	1.72	18.83
Q4 2020	202.50	2.00	1.82	19.39
Q1 2021	202.50	1.66	1.48	20.38
Q2 2021	202.50	1.79	1.61	21.02
Q3 2021	202.50	1.52	1.34	21.23
Q4 2021	202.50	0.76	0.76	21.14
Q1 2022	202.50	0.63	0.59	21.32
Q2 2022	202.50	0.70	0.61	21.72
Q3 2022	202.50	1.00	0.91	22.25
Q4 2022	202.50	1.76	1.59	22.97
Q1 2023	202.50	2.17	2.04	22.52
Q2 2023	202.50	2.20	2.02	23.01
Q3 2023	202.50	1.90	1.58	23.21

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	202.50	4.30	4.17	19.23
2014	202.50	3.31	3.23	18.43
2015	202.50	3.04	3.11	18.18
2016	202.50	1.77	1.84	16.79
2017	202.50	0.52	0.62	16.96
2018	202.50	(0.26)	(0.26)	16.64
2019	202.50	1.27	1.27	17.98
2020	202.50	2.00	1.82	19.39
2021	202.50	0.76	0.76	21.14
2022	202.50	1.76	1.59	22.97

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	15.36	15.87	3.12
Q2 2014	18.01	19.56	3.20
Q3 2014	18.89	20.53	3.41
Q4 2014	14.47	14.82	2.60
Q1 2015	13.55	13.88	2.43
Q2 2015	14.11	13.80	2.44
Q3 2015	12.70	12.39	2.11
Q4 2015	10.36	10.11	1.73
Q1 2016	9.59	9.35	1.54
Q2 2016	10.87	10.57	1.52
Q3 2016	8.33	8.08	1.08
Q4 2016	12.93	12.41	1.36
Q1 2017	14.30	13.52	1.08
Q2 2017	23.13	21.08	1.05
Q3 2017	26.45	23.65	0.98
Q4 2017	34.13	28.41	1.04
Q1 2018	41.54	32.66	0.93
Q2 2018	More than 50	More than 50	0.94
Q3 2018	NEG	NEG	0.81
Q4 2018	NEG	NEG	0.77
Q1 2019	NEG	NEG	0.91
Q2 2019	41.76	41.76	1.01
Q3 2019	25.33	25.33	1.32
Q4 2019	20.46	20.46	1.44
Q1 2020	11.84	11.84	0.98
Q2 2020	14.30	14.30	1.19
Q3 2020	15.13	15.13	1.38
Q4 2020	14.75	16.21	1.52
Q1 2021	19.95	22.37	1.63
Q2 2021	19.12	21.25	1.63
Q3 2021	19.86	22.52	1.42
Q4 2021	34.26	34.26	1.23
Q1 2022	More than 50	More than 50	1.52
Q2 2022	36.01	41.48	1.16
Q3 2022	28.71	31.62	1.29
Q4 2022	15.37	17.02	1.18
Q1 2023	14.22	15.12	1.37
Q2 2023	17.09	18.59	1.64
Q3 2023	17.43	20.98	1.43

Period	P/E	Adjusted P/E	Price/book
2013	13.32	13.71	2.98
2014	14.47	14.82	2.60
2015	10.36	10.11	1.73
2016	12.93	12.41	1.36
2017	34.13	28.41	1.04
2018	NEG	NEG	0.77
2019	20.46	20.46	1.44
2020	14.76	16.21	1.52
2021	34.26	34.26	1.23
2022	15.37	17.02	1.18

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	85.58	40.78	(52.3 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Al Rajhi Capital	48.00	40.78	(15.0) %
AlJazira Capital	67.10	40.78	(39.2) %
KASB Capital	82.25	40.78	(50.4) %
SNB Capital	84.30	40.78	(51.6) %
OSOOL AND BAKHEET	88.36	40.78	(53.8) %
U-Capital	89.80	40.78	(54.6) %
Riyad Capital	90.00	40.78	(54.7) %
Hermes	91.00	40.78	(55.2) %
United Securities Company	101.00	40.78	(59.6) %
Sico	114.00	40.78	(64.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,026.75
Enterprise Value (EV) (M)	8,150.01
Shares Outstanding ((M))	202.50
EPS ( Riyal) (TTM)	1.52
Book Value (BV) ( Riyal)	22.94
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.53
P/E (TTM)	22.90
Price/book	1.51
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

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Yamama Cement’s 9M 2023 profit jumps 13% to SAR 251.5 mln; Q3 at SAR 40.8 mln

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Share Price

Yamama Cement Co. (YSCC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Yamama Cement’s 9M 2023 profit jumps 13% to SAR 251.5 mln; Q3 at SAR 40.8 mln

View other reports

Share Price

Yamama Cement Co. (YSCC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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