Financial Results : NGC posts lower net profit at SAR 5.5m in I1 of 2014

NGC posts lower net profit at SAR 5.5m in I1 of 2014

31/03/2014 Argaam Exclusive

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National Gypsum Co., produces gypsum powder and gypsum panels in Saudi Arabia, reported SAR 5.5m net profit at the end of the first quarter of 2014, compared to SAR 6.4m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 22.52 19.78 (12.1 %)
Gross Income 8.44 7.27 (13.9 %)
Operating Income 6.19 4.75 (23.2 %)
Net Income 6.43 5.50 (14.4 %)
Average Shares 31.67 31.67 -
EPS (Riyals) 0.20 0.17 (14.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 60.83 26.0 % 34.54 29.9 % 31.51 34.6 %
Q2 2005 76.64 31.3 % 37.64 13.5 % 34.28 15.8 %
Q3 2005 69.00 14.9 % 35.82 4.6 % 32.61 2.2 %
Q4 2005 62.06 21.1 % 34.56 33.1 % 31.57 45.8 %
Q1 2006 63.22 3.9 % 34.55 0.0 % 31.55 0.1 %
Q2 2006 69.00 (10.0 %) 36.38 (3.3 %) 33.49 (2.3 %)
Q3 2006 63.99 (7.3 %) 31.79 (11.3 %) 29.00 (11.1 %)
Q4 2006 48.48 (21.9 %) 37.12 7.4 % 33.69 6.7 %
Q1 2007 56.81 (10.1 %) 26.47 (23.4 %) 23.45 (25.7 %)
Q2 2007 62.45 (9.5 %) 31.17 (14.3 %) 28.52 (14.8 %)
Q3 2007 56.31 (12.0 %) 25.80 (18.9 %) 23.12 (20.3 %)
Q4 2007 47.71 (1.6 %) 18.59 (49.9 %) 15.84 (53.0 %)
Q1 2008 59.84 5.3 % 29.86 12.8 % 27.16 15.8 %
Q2 2008 71.25 14.1 % 34.97 12.2 % 32.41 13.6 %
Q3 2008 68.12 21.0 % 31.46 21.9 % 28.90 25.0 %
Q4 2008 60.79 27.4 % 24.60 32.3 % 21.88 38.1 %
Q1 2009 60.38 0.9 % 31.34 5.0 % 28.85 6.2 %
Q2 2009 55.18 (22.6 %) 26.63 (23.8 %) 24.14 (25.5 %)
Q3 2009 44.52 (34.6 %) 17.72 (43.7 %) 15.37 (46.8 %)
Q4 2009 42.64 (29.9 %) 15.68 (36.3 %) 13.04 (40.4 %)
Q1 2010 41.49 (31.3 %) 19.93 (36.4 %) 17.30 (40.0 %)
Q2 2010 42.25 (23.4 %) 17.38 (34.7 %) 14.92 (38.2 %)
Q3 2010 33.84 (24.0 %) 13.20 (25.5 %) 10.74 (30.2 %)
Q4 2010 36.54 (14.3 %) 12.39 (21.0 %) 9.62 (26.3 %)
Q1 2011 32.40 (21.9 %) 13.18 (33.9 %) 10.86 (37.2 %)
Q2 2011 30.91 (26.8 %) 12.06 (30.6 %) 9.78 (34.4 %)
Q3 2011 21.45 (36.6 %) 6.46 (51.1 %) 4.02 (62.6 %)
Q4 2011 22.86 (37.4 %) 8.16 (34.1 %) 5.98 (37.8 %)
Q1 2012 23.32 (28.0 %) 8.98 (31.9 %) 6.79 (37.4 %)
Q2 2012 23.19 (25.0 %) 8.49 (29.6 %) 6.41 (34.5 %)
Q3 2012 17.55 (18.2 %) 5.14 (20.4 %) 3.15 (21.6 %)
Q4 2012 18.22 (20.3 %) 3.85 (52.9 %) 1.74 (70.9 %)
Q1 2013 22.52 (3.5 %) 8.44 (6.0 %) 6.19 (8.8 %)
Q2 2013 23.93 3.2 % 9.57 12.7 % 7.64 19.3 %
Q3 2013 16.85 (4.0 %) 4.77 (7.2 %) 2.86 (9.3 %)
Q4 2013 17.25 (5.3 %) 4.15 7.9 % 1.90 9.4 %
Q1 2014 19.78 (12.1 %) 7.27 (13.9 %) 4.75 (23.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 31.50 30.3 % 0.99 - 31.50 0.99
Q2 2005 35.97 18.5 % 1.14 - 35.97 1.14
Q3 2005 31.77 1.9 % 1.00 - 31.77 1.00
Q4 2005 31.58 49.0 % 1.00 - 31.58 1.00
Q1 2006 31.72 0.7 % 1.00 - 31.72 1.00
Q2 2006 34.47 (4.2 %) 1.09 - 34.47 1.09
Q3 2006 28.67 (9.8 %) 0.91 - 28.67 0.91
Q4 2006 33.30 5.4 % 1.05 - 33.30 1.05
Q1 2007 26.36 (16.9 %) 0.83 - 26.36 0.83
Q2 2007 29.91 (13.2 %) 0.94 - 29.91 0.94
Q3 2007 22.60 (21.2 %) 0.71 - 22.60 0.71
Q4 2007 15.99 (52.0 %) 0.50 - 15.99 0.50
Q1 2008 28.62 8.6 % 0.90 - 28.62 0.90
Q2 2008 32.37 8.2 % 1.02 - 32.37 1.02
Q3 2008 29.01 28.4 % 0.92 - 29.01 0.92
Q4 2008 22.33 39.6 % 0.71 - 22.33 0.71
Q1 2009 28.91 1.0 % 0.91 - 28.91 0.91
Q2 2009 23.99 (25.9 %) 0.76 - 23.99 0.76
Q3 2009 23.35 (19.5 %) 0.74 - 23.35 0.74
Q4 2009 12.31 (44.9 %) 0.39 - 12.31 0.39
Q1 2010 17.36 (40.0 %) 0.55 - 17.36 0.55
Q2 2010 16.37 (31.8 %) 0.52 - 16.37 0.52
Q3 2010 10.85 (53.5 %) 0.34 - 10.85 0.34
Q4 2010 7.96 (35.4 %) 0.25 - 7.96 0.25
Q1 2011 11.13 (35.9 %) 0.35 - 11.13 0.35
Q2 2011 10.00 (38.9 %) 0.32 - 10.00 0.32
Q3 2011 4.31 (60.3 %) 0.14 - 4.31 0.14
Q4 2011 4.17 (47.6 %) 0.13 - 4.17 0.13
Q1 2012 9.40 (15.6 %) 0.30 - 9.40 0.30
Q2 2012 6.61 (33.9 %) 0.21 - 6.61 0.21
Q3 2012 3.59 (16.7 %) 0.11 - 3.59 0.11
Q4 2012 0.48 (88.4 %) 0.02 - 0.48 0.02
Q1 2013 6.43 (31.6 %) 0.20 - 6.43 0.20
Q2 2013 7.90 19.5 % 0.25 - 7.90 0.25
Q3 2013 3.31 (7.9 %) 0.10 - 3.31 0.10
Q4 2013 0.43 (11.8 %) 0.01 - 0.43 0.01
Q1 2014 5.50 (14.4 %) 0.17 - 5.50 0.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 55.51 % 58.94 % 49.57 %
Q2 2005 53.23 % 57.62 % 48.18 %
Q3 2005 51.99 % 57.10 % 46.74 %
Q4 2005 53.09 % 55.01 % 48.72 %
Q1 2006 52.63 % 54.05 % 48.37 %
Q2 2006 53.68 % 54.31 % 49.20 %
Q3 2006 53.16 % 52.79 % 48.95 %
Q4 2006 57.15 % 60.10 % 52.37 %
Q1 2007 55.30 % 58.61 % 51.53 %
Q2 2007 54.61 % 58.40 % 51.02 %
Q3 2007 53.81 % 58.02 % 50.06 %
Q4 2007 45.69 % 50.32 % 42.48 %
Q1 2008 46.58 % 51.01 % 42.91 %
Q2 2008 46.45 % 51.15 % 42.35 %
Q3 2008 46.52 % 51.13 % 42.92 %
Q4 2008 46.50 % 50.98 % 43.20 %
Q1 2009 46.97 % 51.57 % 43.22 %
Q2 2009 46.64 % 51.48 % 42.64 %
Q3 2009 45.41 % 50.83 % 44.64 %
Q4 2009 45.07 % 51.12 % 43.69 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 31.67 3.61 3.61 11.25
Q2 2005 31.67 3.78 3.78 12.53
Q3 2005 31.67 3.80 3.80 13.57
Q4 2005 31.67 4.13 4.13 11.43
Q1 2006 31.67 4.14 4.14 12.48
Q2 2006 31.67 4.09 4.09 13.55
Q3 2006 31.67 3.99 3.99 14.43
Q4 2006 31.67 4.05 4.05 13.12
Q1 2007 31.67 3.88 3.88 13.94
Q2 2007 31.67 3.73 3.73 14.87
Q3 2007 31.67 3.54 3.54 15.66
Q4 2007 31.67 3.00 3.00 14.12
Q1 2008 31.67 3.07 3.07 14.95
Q2 2008 31.67 3.14 3.14 15.97
Q3 2008 31.67 3.35 3.35 16.63
Q4 2008 31.67 3.55 3.55 14.45
Q1 2009 31.67 3.56 3.56 15.38
Q2 2009 31.67 3.29 3.29 16.28
Q3 2009 31.67 3.11 3.11 17.07
Q4 2009 31.67 2.80 2.80 14.98
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 21.52 21.52 6.90
Q2 2005 30.45 30.45 9.19
Q3 2005 47.71 47.71 13.37
Q4 2005 43.95 43.95 15.88
Q1 2006 30.24 30.24 10.02
Q2 2006 32.19 32.19 9.72
Q3 2006 30.58 30.58 8.46
Q4 2006 17.80 17.80 5.49
Q1 2007 20.12 20.12 5.60
Q2 2007 16.67 16.67 4.19
Q3 2007 18.71 18.71 4.23
Q4 2007 25.37 25.37 5.38
Q1 2008 19.16 19.16 3.93
Q2 2008 22.02 22.02 4.34
Q3 2008 14.25 14.25 2.87
Q4 2008 8.54 8.54 2.10
Q1 2009 12.43 12.43 2.87
Q2 2009 14.70 14.70 2.97
Q3 2009 14.13 14.13 2.58
Q4 2009 13.69 13.69 2.56
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 53.30 53.30 1.92
Q2 2013 52.67 52.67 2.08
Q3 2013 52.09 52.09 2.00
Q4 2013 54.01 54.01 2.01
Q1 2014 57.12 57.12 2.10

Business Segments (Million)

Compared With The
Period Gypsum powder production Plaster board


Financial Ratios
Current
Market Cap (M Riyal) 686.53
Enterprise Value (EV) (M) 684.04
Shares Outstanding ((M)) 31.67
EPS ( Riyal) (TTM) (0.45)
Book Value (BV) ( Riyal) 11.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.96
Return on Average Assets (%) (TTM) (3.52 )
Return on Average Equity (%) (TTM) (3.94 )
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Share Price

National Gypsum Co.
21.68
(0.28) (1.28 %)

National Gypsum Co. (NGC)

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