National Gypsum 9M 2021 net profit drops 20% to SAR 25.9 mln

10/11/2021 Argaam Exclusive

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National Gypsum Co. reported a net profit after Zakat and tax of SAR 25.9 million for the first nine months of 2021, down 20% from SAR 32.2 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	82.39	68.97	(16.3 %)
Gross Income	41.75	32.47	(22.2 %)
Operating Income	34.54	25.36	(26.6 %)
Net Income	32.24	23.47	(27.2 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	1.02	0.74	(27.2 %)

The company attributed the decrease in profit to lower sales due to less demand.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	29.54	22.10	(25.2 %)
Gross Income	13.15	9.37	(28.7 %)
Operating Income	10.01	7.02	(29.9 %)
Net Income	9.35	6.02	(35.5 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.30	0.19	(35.5 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	19.87	22.10	11.2 %
Gross Income	8.52	9.37	10.0 %
Operating Income	6.03	7.02	16.4 %
Net Income	5.68	6.02	6.0 %
Average Shares	31.67	31.67	-
EPS (Riyals)	0.18	0.19	6.0 %

The company posted a net profit after Zakat and tax of SAR 6 million for Q3 2021, a 36% year-on-year (YoY) decline, on lower sales and net other revenue.

When compared to previous quarter, Q3 2021 net profit grew 5.9% on higher net sales.

Shareholders’ equity, excluding minority interest, stood at SAR 482.7 million by the end of 9M 2021 compared to SAR 465.9 million in the year-ago period.

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