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

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 %

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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