National Gypsum 9M 2022 profit down 77% to SAR 5.4 mln; Q3 at SAR 540,000

10/11/2022 Argaam Exclusive

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National Gypsum Co. (NGC) reported a net profit after Zakat and tax of SAR 5.4 million for the first nine months of 2022, a slump of 77%, from SAR 23.5 million in the year-earlier period, on a 35.22% decline in net sales on lower volumes.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	68.97	44.68	(35.2 %)
Gross Income	32.47	13.36	(58.9 %)
Operating Income	25.36	2.14	(91.5 %)
Net Income	23.47	3.31	(85.9 %)
Average Shares	31.67	31.67	0.0 %
EPS (Riyals)	0.74	0.10	(85.9 %)

Q3 2022 net profit tumbled 91% year-on-year (YoY) to SAR 540,000, from SAR 6.02 million in the year-earlier period, on a 43.65% decline in net sales due to lower demand.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	22.10	12.45	(43.6 %)
Gross Income	9.37	2.84	(69.7 %)
Operating Income	7.02	(1.91)	(127.1 %)
Net Income	6.02	(1.57)	(126.1 %)
Average Shares	31.67	31.67	0.0 %
EPS (Riyals)	0.19	(0.05)	(126.1 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	17.65	12.45	(29.4 %)
Gross Income	5.33	2.84	(46.7 %)
Operating Income	1.46	(1.91)	(230.2 %)
Net Income	1.67	(1.57)	(194.2 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.05	(0.05)	(194.2 %)

On a sequential basis, net profit dropped 67.6% from SAR 1.67 million.

Total shareholders’ equity (no minority interest) stood at SAR 446.73 million, compared to SAR 478.38 million in the year-earlier period.

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