National Gypsum turns to SAR 4.3 mln loss in 2022; Q4 at SAR 9.7 mln

30/03/2023 Argaam Exclusive

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National Gypsum Co. (NGC) swung to a net loss of SAR 4.3 million in 2022, against a net profit of SAR 20.8 million in 2021 hurt by lower sales value and volume.

Financials (M)

Item	2021	2022	Change‬
Revenues	85.56	54.74	(36.0 %)
Gross Income	34.24	7.73	(77.4 %)
Operating Income	22.12	(7.85)	(135.5 %)
Net Income	20.76	(6.44)	(131.0 %)
Average Shares	31.67	31.67	0.0 %
EPS (Riyals)	0.66	(0.20)	(131.0 %)

It also incurred unrealized losses from financial assets in 2022, as the local and foreign stock markets were impacted by global conditions and higher interest rates.

In Q4 2022, the company slid into a deeper loss of SAR 9.7 million, from SAR 2.7 million in Q4 2021.

In Q3 2022, NGC posted a net profit of SAR 540,000.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	16.59	10.05	(39.4 %)
Gross Income	1.78	(5.63)	(417.2 %)
Operating Income	(3.24)	(9.99)	(208.3 %)
Net Income	(2.71)	(9.75)	(259.6 %)
Average Shares	31.67	31.67	0.0 %
EPS (Riyals)	(0.09)	(0.31)	(259.6 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	12.45	10.05	(19.3 %)
Gross Income	2.84	(5.63)	(298.1 %)
Operating Income	(1.91)	(9.99)	(424.3 %)
Net Income	(1.57)	(9.75)	(521.0 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	(0.05)	(0.31)	(521.0 %)

Shareholders’ equity, no minority interest, dropped to SAR 431.9 million as of Dec. 31, 2022, from SAR 474.3 million a year earlier.

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