National Gypsum net profit down 67.6% in 9M 2019

31/10/2019 Argaam Exclusive

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Share Price

26.65
(0.35) (1.30 %)

National Gypsum Co. (NGC)

National Gypsum Co. reported a net profit of SAR 1.56 million for the first nine months of 2019, a 67.58 percent, year on year decline, on lower sales higher cost of sales and higher general & marketing expenses.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 48.00 45.27 (5.7 %)
Gross Income 12.50 8.60 (31.2 %)
Operating Income 7.13 2.68 (62.5 %)
Net Income 4.81 1.56 (67.5 %)
Average Shares 31.67 31.67 -
EPS (Riyals) 0.15 0.05 (67.5 %)

The company reported a net profit of SAR 6.96 million for Q3 2019 from a profit of SAR 3.28 million in the same period last year due to higher sales, higher miscellaneous revenue and lower general & marketing expenses.

 

When compared to previous quarter’s losses, net profit of Q3 was also attributed to higher sales, lower cost of sales, higher miscellaneous revenue and lower general & marketing expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 18.05 21.49 19.1 %
Gross Income 6.29 9.55 51.9 %
Operating Income 4.43 7.84 77.1 %
Net Income 3.28 6.96 111.9 %
Average Shares 31.67 31.67 -
EPS (Riyals) 0.10 0.22 111.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 41.49 (31.3 %) 19.93 (36.4 %) 17.36 (40.0 %) 0.55
Q2 2010 42.25 (23.4 %) 17.38 (34.7 %) 16.37 (31.8 %) 0.52
Q3 2010 33.84 (24.0 %) 13.20 (25.5 %) 10.85 (53.5 %) 0.34
Q4 2010 36.54 (14.3 %) 12.39 (21.0 %) 7.96 (35.4 %) 0.25
Q1 2011 32.40 (21.9 %) 13.18 (33.9 %) 11.13 (35.9 %) 0.35
Q2 2011 30.91 (26.8 %) 12.06 (30.6 %) 10.00 (38.9 %) 0.32
Q3 2011 21.45 (36.6 %) 6.46 (51.1 %) 4.31 (60.3 %) 0.14
Q4 2011 22.86 (37.4 %) 8.16 (34.1 %) 4.17 (47.6 %) 0.13
Q1 2012 23.32 (28.0 %) 8.98 (31.9 %) 9.40 (15.6 %) 0.30
Q2 2012 23.19 (25.0 %) 8.49 (29.6 %) 6.61 (33.9 %) 0.21
Q3 2012 17.55 (18.2 %) 5.14 (20.4 %) 3.59 (16.7 %) 0.11
Q4 2012 18.22 (20.3 %) 3.85 (52.9 %) 0.48 (88.4 %) 0.02
Q1 2013 22.52 (3.5 %) 8.44 (6.0 %) 6.43 (31.6 %) 0.20
Q2 2013 23.93 3.2 % 9.57 12.7 % 7.90 19.5 % 0.25
Q3 2013 16.85 (4.0 %) 4.77 (7.2 %) 3.31 (7.9 %) 0.10
Q4 2013 17.25 (5.3 %) 4.15 7.9 % 0.43 (11.8 %) 0.01
Q1 2014 19.78 (12.1 %) 7.27 (13.9 %) 5.50 (14.4 %) 0.17
Q2 2014 19.08 (20.3 %) 5.46 (42.9 %) 5.20 (34.2 %) 0.16
Q3 2014 21.64 28.4 % 10.25 114.8 % 7.93 139.6 % 0.25
Q4 2014 22.36 29.6 % 7.23 74.2 % 3.11 627.6 % 0.10
Q1 2015 18.86 (4.7 %) 6.37 (12.3 %) 5.12 (6.9 %) 0.16
Q2 2015 19.52 2.3 % 3.95 (27.7 %) 10.81 107.9 % 0.34
Q3 2015 19.87 (8.2 %) 6.65 (35.1 %) 4.70 (40.7 %) 0.15
Q4 2015 20.66 (7.6 %) 5.06 (30.0 %) 0.98 (68.6 %) 0.03
Q1 2016 19.82 5.1 % 5.14 (19.3 %) 3.74 (27.0 %) 0.12
Q2 2016 19.81 1.5 % 4.23 7.0 % 2.28 (78.9 %) 0.07
Q3 2016 20.17 1.5 % 6.87 3.3 % 5.31 13.0 % 0.17
Q4 2016 23.28 12.7 % 8.97 77.2 % 2.88 195.4 % 0.09
Q1 2017 10.52 (46.9 %) (2.24) (143.6 %) (3.44) (191.9 %) (0.11)
Q2 2017 13.32 (32.8 %) 0.31 (92.6 %) (2.54) (211.0 %) (0.08)
Q3 2017 9.23 (54.2 %) (1.67) (124.3 %) (4.22) (179.5 %) (0.13)
Q4 2017 10.69 (54.1 %) (4.82) (153.8 %) (6.23) (316.3 %) (0.20)
Q1 2018 14.25 35.4 % 2.58 215.4 % 0.35 110.1 % 0.01
Q2 2018 15.71 17.9 % 3.63 1063.1 % 1.18 146.5 % 0.04
Q3 2018 18.05 95.4 % 6.29 477.4 % 3.28 177.8 % 0.10
Q4 2018 13.18 23.3 % 6.74 239.6 % 6.73 208.0 % 0.21
Q1 2019 11.25 (21.0 %) (1.15) (144.6 %) (3.51) (1110.4 %) (0.11)
Q2 2019 12.52 (20.3 %) 0.20 (94.6 %) (1.89) (260.2 %) (0.06)
Q3 2019 21.49 19.1 % 9.55 51.9 % 6.96 111.9 % 0.22

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 43.50 % 50.53 % 41.89 %
Q2 2010 41.38 % 48.64 % 40.60 %
Q3 2010 41.31 % 48.99 % 35.50 %
Q4 2010 40.81 % 48.72 % 34.08 %
Q1 2011 38.72 % 47.21 % 31.93 %
Q2 2011 38.02 % 47.29 % 29.87 %
Q3 2011 36.35 % 46.32 % 27.53 %
Q4 2011 37.04 % 48.47 % 27.51 %
Q1 2012 36.19 % 48.29 % 28.28 %
Q2 2012 35.34 % 47.96 % 26.96 %
Q3 2012 35.40 % 48.58 % 27.34 %
Q4 2012 32.16 % 45.53 % 24.41 %
Q1 2013 31.82 % 44.95 % 21.00 %
Q2 2013 32.84 % 45.99 % 22.38 %
Q3 2013 32.67 % 45.91 % 22.23 %
Q4 2013 33.44 % 46.68 % 22.42 %
Q1 2014 33.10 % 46.53 % 22.02 %
Q2 2014 29.68 % 43.39 % 19.78 %
Q3 2014 34.89 % 46.67 % 24.50 %
Q4 2014 36.46 % 47.19 % 26.22 %
Q1 2015 35.78 % 46.65 % 26.06 %
Q2 2015 33.75 % 44.47 % 32.73 %
Q3 2015 30.03 % 41.19 % 29.44 %
Q4 2015 27.93 % 39.55 % 27.38 %
Q1 2016 26.05 % 37.16 % 25.31 %
Q2 2016 26.30 % 36.80 % 14.59 %
Q3 2016 26.47 % 36.99 % 15.29 %
Q4 2016 30.34 % 37.35 % 17.10 %
Q1 2017 24.16 % 32.18 % 9.54 %
Q2 2017 20.67 % 29.42 % 3.29 %
Q3 2017 9.54 % 19.51 % (12.97 %)
Q4 2017 (19.23 %) (3.64 %) (37.51 %)
Q1 2018 (7.57 %) 6.06 % (26.60 %)
Q2 2018 (0.56 %) 12.23 % (17.89 %)
Q3 2018 13.08 % 23.48 % (2.42 %)
Q4 2018 31.44 % 29.86 % 18.85 %
Q1 2019 26.64 % 21.61 % 13.20 %
Q2 2019 21.94 % 13.26 % 8.39 %
Q3 2019 26.23 % 15.50 % 14.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 31.67 2.43 2.43 15.57
Q2 2010 31.67 2.19 2.19 16.04
Q3 2010 31.67 1.80 1.80 16.37
Q4 2010 31.67 1.66 1.66 14.60
Q1 2011 31.67 1.46 1.46 15.00
Q2 2011 31.67 1.26 1.26 15.33
Q3 2011 31.67 1.05 1.05 15.43
Q4 2011 31.67 0.93 0.93 14.30
Q1 2012 31.67 0.88 0.88 14.75
Q2 2012 31.67 0.77 0.77 14.78
Q3 2012 31.67 0.75 0.75 14.85
Q4 2012 31.67 0.63 0.63 14.76
Q1 2013 31.67 0.54 0.54 14.97
Q2 2013 31.67 0.58 0.58 14.74
Q3 2013 31.67 0.57 0.57 14.87
Q4 2013 31.67 0.57 0.57 15.29
Q1 2014 31.67 0.54 0.54 14.69
Q2 2014 31.67 0.46 0.46 14.78
Q3 2014 31.67 0.60 0.60 15.09
Q4 2014 31.67 0.69 0.69 15.05
Q1 2015 31.67 0.67 0.67 14.59
Q2 2015 31.67 0.85 0.85 14.93
Q3 2015 31.67 0.75 0.75 14.98
Q4 2015 31.67 0.68 0.68 14.83
Q1 2016 31.67 0.64 0.64 14.28
Q2 2016 31.67 0.37 0.37 14.38
Q3 2016 31.67 0.39 0.39 14.51
Q4 2016 31.67 0.45 0.45 14.65
Q1 2017 31.67 0.22 0.22 14.52
Q2 2017 31.67 0.07 0.07 13.96
Q3 2017 31.67 (0.23) (0.23) 13.83
Q4 2017 31.67 (0.52) (0.52) 13.64
Q1 2018 31.67 (0.40) (0.40) 13.74
Q2 2018 31.67 (0.28) (0.28) 13.84
Q3 2018 31.67 (0.04) (0.04) 13.98
Q4 2018 31.67 0.36 0.36 14.18
Q1 2019 31.67 0.24 0.24 14.09
Q2 2019 31.67 0.15 0.15 13.52
Q3 2019 31.67 0.26 0.26 13.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 17.56 17.56 2.74
Q2 2010 14.51 14.51 1.98
Q3 2010 16.70 16.70 1.83
Q4 2010 18.39 18.39 2.09
Q1 2011 22.98 22.98 2.24
Q2 2011 24.58 24.58 2.02
Q3 2011 26.26 26.26 1.80
Q4 2011 29.84 29.84 1.95
Q1 2012 41.13 41.13 2.45
Q2 2012 35.57 35.57 1.86
Q3 2012 36.92 36.92 1.87
Q4 2012 42.11 42.11 1.81
Q1 2013 More than 50 More than 50 1.92
Q2 2013 More than 50 More than 50 2.08
Q3 2013 More than 50 More than 50 2.00
Q4 2013 More than 50 More than 50 2.01
Q1 2014 More than 50 More than 50 2.10
Q2 2014 More than 50 More than 50 2.33
Q3 2014 More than 50 More than 50 2.49
Q4 2014 34.06 34.06 1.55
Q1 2015 40.14 40.14 1.85
Q2 2015 28.66 28.66 1.63
Q3 2015 22.82 22.82 1.14
Q4 2015 23.50 23.50 1.08
Q1 2016 21.18 21.18 0.95
Q2 2016 37.35 37.35 0.96
Q3 2016 25.94 25.94 0.69
Q4 2016 29.55 29.55 0.91
Q1 2017 More than 50 More than 50 0.94
Q2 2017 More than 50 More than 50 0.87
Q3 2017 NEG NEG 0.90
Q4 2017 NEG NEG 0.91
Q1 2018 NEG NEG 0.88
Q2 2018 NEG NEG 0.97
Q3 2018 NEG NEG 0.92
Q4 2018 32.84 32.84 0.84
Q1 2019 More than 50 More than 50 0.92
Q2 2019 More than 50 More than 50 0.86
Q3 2019 46.60 46.60 0.89

Business Segments (Million)

Compared With The
Period Gypsum powder production Plaster board
Q1 2016 19.11 0.71
Q2 2016 16.32 3.49
Q3 2016 20.30 -
Q4 2016 24.00 -
Q1 2017 9.33 1.19
Q2 2017 11.79 1.53
Q3 2017 7.94 1.29
Q4 2017 9.45 1.24
Q1 2018 13.41 0.83
Q2 2018 14.26 1.46
Q3 2018 16.73 1.32
Q4 2018 10.79 2.40
Q1 2019 9.64 1.61
Q2 2019 10.59 1.93
Q3 2019 19.90 1.59

Current
Market Cap (M Riyal) 843.91
Enterprise Value (EV) (M) 793.18
Shares Outstanding ((M)) 31.67
EPS ( Riyal) (TTM) 0.17
Book Value (BV) ( Riyal) 11.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 50
Price/book 2.34
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 1.5

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