National Gypsum Co.’s (NGC) net profit rose in the first quarter of 2024 by 46% to SAR 790,000 from SAR 543,000 in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 13.36 | 16.85 | 26.2 % |
| Gross Income | 1.88 | 2.21 | 17.6 % |
| Operating Income | (0.48) | (0.15) | 69.2 % |
| Net Income | 0.54 | 0.79 | 45.4 % |
| Average Shares | 31.67 | 31.67 | - |
| EPS (Riyals) | 0.02 | 0.02 | 45.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 10.99 | 16.85 | 53.3 % |
| Gross Income | 0.10 | 2.21 | 2150.0 % |
| Operating Income | (6.45) | (0.15) | 97.7 % |
| Net Income | (5.99) | 0.79 | 113.2 % |
| Average Shares | 31.67 | 31.67 | - |
| EPS (Riyals) | (0.19) | 0.02 | 113.2 % |
The company attributed profits growth to an increase in net sales by 26.16%.
Following a loss of SAR 5.99 million in Q4 2023, NGC turned to a net profit due to a 53.34% increase in net sales, a 54.30% decrease in administrative and marketing expenses, and a 2715.01% increase in net miscellaneous income (investments).
Shareholders’ equity, no minority interest, increased to SAR 360.9 million as of March 31, 2024, from SAR 356.71 million a year earlier.
Total comprehensive loss widened to SAR 1.24 million in Q1 2024 against a total comprehensive income of SAR 70,000 in Q1 2023 and a total comprehensive loss of SAR 6.86 million in Q4 2023.
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