National Gypsum 9M 2023 profit soars to SAR 11.1 mln; Q3 at SAR 9.1 mln

09/11/2023 Argaam Exclusive

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National Gypsum Co. (NGC) reported a net profit of SAR 11.1 million for the first nine months of 2023, a more than two-fold rise from SAR 3.3 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	44.68	40.90	(8.5 %)
Gross Income	13.36	8.51	(36.3 %)
Operating Income	2.14	0.33	(84.4 %)
Net Income	3.31	11.12	236.1 %
Average Shares	31.67	31.67	-
EPS (Riyals)	0.10	0.35	236.1 %

Net miscellaneous revenues (investments and compensation for the expropriation of a land plot in Jeddah in favor of the State Properties General Authority, previously announced on Sept. 13, 2023) soared by 284.81% year-on-year (YoY). Meanwhile, administrative and selling expenses declined by 27.13% YoY during the current nine-month period.

The company swung to a net profit of SAR 9.1 million in Q3 2023, versus a net loss of SAR 1.6 million a year before.

This was driven by a 6.38% YoY increase in net sales, as well as a 30.30% YoY fall in administrative and selling expenses. Net miscellaneous revenues (investments and compensation for the expropriation of the abovementioned Jeddah land plot in favor of for the State Properties General Authority) surged by 854.86% YoY during the three-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	12.45	13.25	6.4 %
Gross Income	2.84	2.93	2.9 %
Operating Income	(1.91)	(0.38)	79.8 %
Net Income	(1.57)	9.05	676.6 %
Average Shares	31.67	31.67	-
EPS (Riyals)	(0.05)	0.29	676.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	14.30	13.25	(7.4 %)
Gross Income	3.71	2.93	(21.0 %)
Operating Income	1.20	(0.38)	(132.1 %)
Net Income	1.52	9.05	493.9 %
Average Shares	31.67	31.67	-
EPS (Riyals)	0.05	0.29	493.9 %

On a quarter-on-quarter basis, Q3 net profit soared from SAR 1.52 million.

Total shareholders’ equity, no minority interest, stood at SAR 430.28 million at the end of the nine-month period, compared to SAR 446.72 million a year earlier.

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