Yanbu Cement Co.’s net profit edged down 0.8% to SAR 86.3 million in H1 2023, from SAR 87 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 479.80 | 397.56 | (17.1 %) |
| Gross Income | 118.09 | 127.44 | 7.9 % |
| Operating Income | 91.03 | 96.95 | 6.5 % |
| Net Income | 86.97 | 86.29 | (0.8 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.55 | 0.55 | (0.8 %) |
The marginal decline was attributed to a decline in demand, which weighed on sales volumes, and other income. The cement producer recorded higher general and administrative expenses (G&A), and financing costs despite better average selling prices.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 238.17 | 173.56 | (27.1 %) |
| Gross Income | 63.65 | 54.91 | (13.7 %) |
| Operating Income | 50.83 | 41.21 | (18.9 %) |
| Net Income | 48.04 | 35.27 | (26.6 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.31 | 0.22 | (26.6 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 224.01 | 173.56 | (22.5 %) |
| Gross Income | 72.53 | 54.91 | (24.3 %) |
| Operating Income | 55.74 | 41.21 | (26.1 %) |
| Net Income | 51.01 | 35.27 | (30.9 %) |
| Average Shares | 157.50 | 157.50 | - |
| EPS (Riyals) | 0.32 | 0.22 | (30.9 %) |
In Q2 2023, the company’s net profit fell 27% to SAR 35.27 million from SAR 48.04 million in the prior year-period on lower demand as well as higher G&A and financing cost.
Sequentially, the cement producer’s profit dropped 30.9% from SAR 51.01 million in Q1 2023 hurt by weak demand and higher financing cost.
Total shareholders' equity, excluding minority interest, reached SAR 2.61 billion as of June 30, 2023, compared to SAR 2.76 billion in the prior-year period.
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