Yanbu Cement’s sales were US$ 156m during the first nine months of 2023, down almost 21% year-on-year. Its net profit also dropped in the period, by almost 35% to US$27.1m
In Saudi Arabia Yanbu Cement Company posted net profits after Zakat and tax worth US$ 27.84m (SAR 101.83m) during the first nine months of 2023, a 34.82% fall from US$ 41.65m (SAR 156.24m).
Earnings per share (EPS) went down to US$ 0.17 (SAR 0.65) in the first nine months of the year compared with US$ 0.26 (SAR 0.99) in the same period of 2022, according to the income statements on the stock market Tadawul.
The company generated revenues amounting to US$ 156.38m (SAR 586.62m) during the January-September 2023 period, which came 20.93% lower than US$ 197.77m (SAR 741.90m) in the corresponding period a year ago.
In the third quarter (Q3) of 2023, Yanbu Cement recorded net profits of US$ 4.14m (SAR 15.54m) an annual decrease of 77.57% from US$ 18.47m (SAR 69.27m).
Revenues also declined by 27.87% to US$ 50.40m (SAR 189.06m) in July-September 2023, compared with US$ 69.87m (SAR 262.10m) in Q3-22.
On a quarterly basis, the net profits in Q3-23 were 55.94% lower than US$ 9.40m (SAR 35.27m) in Q2-23, whereas the revenues grew by 8.93% from US$ 46.27m (SAR 173.56m).
During the first half (H1) of 2023, the listed cement manufacturer logged net profits of US$ 23m (SAR 86.29m) as well as revenues worth US$ 105.98m (SAR 397.56m).
Yanbu Cement Company (YCC), a Saudi joint stock company, is one of the major cement manufacturers in the Kingdom of Saudi Arabia and the largest cement company in the Western Region with a total installed capacity above seven million tons of clinker and cement dispatch capacity above 10 million tons per annum.
Yanbu Cement is ranked as one of the top 50 companies in KSA with a paid up capital of SAR 1.575 billion. Its manufacturing facilities are located at Ras Baridi, on the coast of the Red Sea, 70 KM north-west of the Port of Yanbu. Yanbu Cement’s corporate office is located at Jeddah. More information on the company HERE
