National Gypsum earns SAR 5.1M in 2023, incurs SAR 6M loss in Q4

31/03/2024 Argaam Exclusive

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National Gypsum Co. (NGC) reported a net profit of SAR 5.1 million in 2023, against a net loss of SAR 6.4 million in a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	54.74	51.89	(5.2 %)
Gross Income	7.73	8.60	11.4 %
Operating Income	(7.85)	(6.12)	22.0 %
Net Income	(6.44)	5.13	179.6 %
Average Shares	31.67	31.67	-
EPS (Riyals)	(0.20)	0.16	179.6 %

NGC reported an increase in revenues due to a decrease in cost of sales by 7.92%.

Additionally, net miscellaneous revenues, including investments and compensation for land expropriation in Jeddah, surged by 953.45%.

The company narrowed net loss by 38% to SAR 6 million in Q4 2023, from SAR 9.71 million in Q4 2022.

Sequentially, NGC swung to a net loss from a profit of SAR 9.05 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	10.05	10.99	9.3 %
Gross Income	(5.63)	0.10	101.7 %
Operating Income	(9.99)	(6.45)	35.4 %
Net Income	(9.75)	(5.99)	38.5 %
Average Shares	31.67	31.67	-
EPS (Riyals)	(0.31)	(0.19)	38.5 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	13.25	10.99	(17.1 %)
Gross Income	2.93	0.10	(96.7 %)
Operating Income	(0.38)	(6.45)	(1,580.7 %)
Net Income	9.05	(5.99)	(166.2 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.29	(0.19)	(166.2 %)

Shareholders’ equity, no minority interest, increased to SAR 362.1 million as of Dec. 31, 2023, from SAR 356.6 million a year earlier.

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