Yamama Cement net profit down 36% to SAR 172.5 mln in 9M 2021

19/10/2021 Argaam Exclusive

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Share Price

Yamama Cement Co. (YSCC)

Yamama Cement Co. reported a net profit after Zakat and tax of SAR 172.5 million for the first nine months of 2021, a drop of 36% from SAR 270.1 million a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	706.79	553.50	(21.7 %)
Gross Income	338.19	222.16	(34.3 %)
Operating Income	286.52	178.02	(37.9 %)
Net Income	270.12	172.52	(36.1 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	1.33	0.85	(36.1 %)

The company attributed the drop in net profit to lower sales volume and value.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	249.65	170.67	(31.6 %)
Gross Income	114.29	54.39	(52.4 %)
Operating Income	98.64	40.17	(59.3 %)
Net Income	95.32	39.97	(58.1 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.47	0.20	(58.1 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	202.58	170.67	(15.8 %)
Gross Income	95.95	54.39	(43.3 %)
Operating Income	80.45	40.17	(50.1 %)
Net Income	77.68	39.97	(48.5 %)
Average Shares	202.50	202.50	-
EPS (Riyals)	0.38	0.20	(48.5 %)

The cement producer reported a net profit after Zakat and tax of SAR 40 million in Q3 2021, a fall of 58% from SAR 95.3 million in Q3 2020, hit by lower sales volume and value.

When compared to previous quarter, net profit dropped 48.5% from SAR 77.7 million.

Shareholders’ equity, after minority interest, increased to SAR 4.29 billion as of Sept. 30, 2021, from SAR 3.83 billion a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	491.59	39.9 %	299.51	52.8 %	277.64	54.5 %	1.37
Q2 2012	412.62	(1.8 %)	226.00	(3.0 %)	209.46	(5.0 %)	1.03
Q3 2012	306.20	1.7 %	175.76	4.8 %	156.65	5.4 %	0.77
Q4 2012	365.44	(1.1 %)	212.81	0.1 %	173.81	(9.0 %)	0.86
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
Q1 2013	482.64	(1.8 %)	292.76	(2.3 %)	276.80	(0.3 %)	1.37
Q2 2013	455.52	10.4 %	268.89	19.0 %	267.63	27.8 %	1.32
Q3 2013	293.80	(4.0 %)	154.13	(12.3 %)	148.08	(5.5 %)	0.73
Q4 2013	309.90	(15.2 %)	165.25	(22.3 %)	177.73	2.3 %	0.88
2013	1,541.86	(2.2 %)	881.03	(3.6 %)	870.24	6.4 %	4.30
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	1,442.22	13.4 %	809.26	13.7 %	739.76	12.6 %	3.65
2012	1,575.84	9.3 %	914.08	13.0 %	817.56	10.5 %	4.04
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	57.68 %	65.87 %	52.94 %
Q2 2012	57.52 %	65.93 %	52.50 %
Q3 2012	57.84 %	66.51 %	52.84 %
Q4 2012	58.01 %	66.84 %	52.83 %
2012	58.01 %	66.84 %	52.83 %
Q1 2013	57.91 %	66.75 %	53.08 %
Q2 2013	59.03 %	67.62 %	55.28 %
Q3 2013	58.13 %	66.67 %	55.17 %
Q4 2013	57.14 %	66.10 %	54.83 %
2013	57.14 %	66.10 %	54.83 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	56.11 %	65.10 %	51.29 %
2012	58.01 %	66.84 %	52.83 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	60.93 %	68.03 %	56.48 %
Q2 2012	54.77 %	63.31 %	50.76 %
Q3 2012	57.40 %	69.28 %	51.16 %
Q4 2012	58.23 %	67.19 %	51.67 %
Q1 2013	60.66 %	67.77 %	57.35 %
Q2 2013	59.03 %	66.70 %	58.75 %
Q3 2013	52.46 %	64.16 %	50.40 %
Q4 2013	53.32 %	64.47 %	49.33 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	202.50	4.14	4.14	17.16
Q2 2012	202.50	4.08	4.08	16.04
Q3 2012	202.50	4.12	4.12	16.89
Q4 2012	202.50	4.04	4.11	17.77
Q1 2013	202.50	4.03	4.11	17.58
Q2 2013	202.50	4.32	4.39	17.49
Q3 2013	202.50	4.28	4.35	18.26
Q4 2013	202.50	4.30	4.17	19.23
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	202.50	3.65	3.65	16.67
2012	202.50	4.04	4.11	17.77
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	12.04	12.04	2.90
Q2 2012	12.20	12.20	3.10
Q3 2012	10.70	10.70	2.61
Q4 2012	11.77	11.55	2.67
Q1 2013	11.48	11.27	2.63
Q2 2013	11.69	11.49	2.89
Q3 2013	12.39	12.18	2.90
Q4 2013	13.32	13.71	2.98
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 100	64.05	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

Period	P/E	Adjusted P/E	Price/book
2011	12.78	12.78	2.80
2012	11.77	11.55	2.67
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

Analysts Estimates (Million)

Item	Q3 2021 (e)	Q3 2021 (a)	Change‬
Average	66.46	39.97	(39.9 %)

Estimates vs Actual (Million)

Item	Q3 2021 (e)	Q3 2021 (a)	Change
Al Rajhi Capital	54.00	39.97	(26.0) %
OSOOL AND BAKHEET	59.50	39.97	(32.8) %
SNB Capital	62.00	39.97	(35.5) %
Riyad Capital	70.00	39.97	(42.9) %
AlJazira Capital	86.80	39.97	(54.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,520.50
Enterprise Value (EV) (M)	7,643.76
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)	26.16
P/E (TTM)	21.25
Price/book	1.40
Return on Average Assets (%) (TTM)	4.7
Return on Average Equity (%) (TTM)	6.7

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Yamama Cement net profit down 36% to SAR 172.5 mln in 9M 2021

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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 net profit down 36% to SAR 172.5 mln in 9M 2021

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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