Financial Results : Yanbu Cement net profit down 29% to SAR 149.7 mln in 9M 2021

Yanbu Cement net profit down 29% to SAR 149.7 mln in 9M 2021

21/10/2021 Argaam Exclusive

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Yanbu Cement Co. reported a consolidated net profit after Zakat and tax of SAR 149.7 million for the first nine months of 2021, a drop of 29% from SAR 210.1 million a year earlier.

 

The company attributed the drop in net profit to lower average selling prices despite increased volumes. Meanwhile, the extended shutdown of production line 4 led to lower clinker production and higher production cost. Moreover, Yanbu Cement cited higher general and administrative expenses.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 674.69 742.87 10.1 %
Gross Income 256.83 184.93 (28.0 %)
Operating Income 224.60 149.13 (33.6 %)
Net Income 210.12 149.69 (28.8 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 1.33 0.95 (28.8 %)

The cement producer reported a net profit after Zakat and tax of SAR 36.4 million in Q3 2021, a fall of 56% from SAR 82.5 million in Q3 2020, hit by lower sales volumes on subdued demand along with higher production costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 240.36 207.78 (13.6 %)
Gross Income 89.65 50.56 (43.6 %)
Operating Income 83.22 37.47 (55.0 %)
Net Income 81.44 35.48 (56.4 %)
Average Shares 157.50 157.50 -
EPS (Riyals) 0.52 0.23 (56.4 %)

When compared to previous quarter, net profit dropped 13% from SAR 41.8 million.

 

Shareholders’ equity, after minority interest, decreased by 5.7% to SAR 2.94 billion as of Sept. 30, 2021 from SAR 3.12 billion a year earlier.

 

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