Yamama Cement sees 49% jump in revenue in 3Q22

Saudi Arabia's Yamama Cement has reported a 23.6 per cent advance in revenue to SAR684.2m (US$182.5m) in the first nine months of 2022. This compares to SAR553.5m in the same period a year ago, according to Argaam.

Operating income over the same period advanced by 12.9 per cent from SAR178.02m to SAR200.95m, while net profit after Zakat and tax was up 29 per cent from SAR172.5m to SAR221.7m. The improvement in profit is being attributed to higher sales volumes and an increase in other revenues. Earnings per share (EPS) grew by 28.5 per cent YoY from SAR0.85 to SAR1.09.

In the 3Q22 alone, revenue increased by 48.5 per cent to SAR253.37m, compared to SAR170.67m in the 3Q21. Net profit after Zakat and tax expanded more than twofold from SAR38.97m in the 3Q21 to SAR101.3m in the 3Q22 on the back of better sales volumes. Over the same period, EPS was up 153.5 per cent from SAR0.20 to SAR0.50, while operating income saw a 140.4 per cent hike from SAR40.17m to SAR96.58m.