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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 19.78 (12.1 %) 7.27 (13.9 %) 4.75 (23.2 %)
Q2 2014 19.08 (20.3 %) 5.46 (42.9 %) 3.19 (58.3 %)
Q3 2014 21.64 28.4 % 10.25 114.8 % 7.58 165.3 %
Q4 2014 22.36 29.6 % 7.23 74.2 % 4.77 150.7 %
Q1 2015 18.86 (4.7 %) 6.37 (12.3 %) 4.03 (15.2 %)
Q2 2015 19.52 2.3 % 3.95 (27.7 %) 1.70 (46.6 %)
Q3 2015 19.87 (8.2 %) 6.65 (35.1 %) 4.39 (42.0 %)
Q4 2015 20.66 (7.6 %) 5.06 (30.0 %) 3.01 (37.0 %)
Q1 2016 19.82 5.1 % 5.14 (19.3 %) 3.15 (21.7 %)
Q2 2016 19.81 1.5 % 4.23 7.0 % 2.09 22.6 %
Q3 2016 20.17 1.5 % 6.87 3.3 % 5.16 17.4 %
Q4 2016 23.28 12.7 % 8.97 77.2 % 4.86 61.6 %
Q1 2017 10.52 (46.9 %) (2.24) (143.6 %) (3.74) (218.6 %)
Q2 2017 13.32 (32.8 %) 0.31 (92.6 %) (1.42) (167.9 %)
Q3 2017 9.23 (54.2 %) (1.67) (124.3 %) (3.30) (164.0 %)
Q4 2017 10.69 (54.1 %) (4.82) (153.8 %) (7.43) (253.0 %)
Q1 2018 14.25 35.4 % 2.58 215.4 % 0.82 121.9 %
Q2 2018 15.71 17.9 % 3.63 1063.1 % 1.89 233.3 %
Q3 2018 18.05 95.4 % 6.29 477.4 % 4.43 234.2 %
Q4 2018 13.18 23.3 % 6.74 239.6 % 4.27 157.5 %
Q1 2019 11.25 (21.0 %) (1.15) (144.6 %) (3.35) (508.4 %)
Q2 2019 12.52 (20.3 %) 0.20 (94.6 %) (1.83) (196.7 %)
Q3 2019 21.49 19.1 % 9.55 51.9 % 7.84 77.1 %
Q4 2019 24.92 89.0 % 11.61 72.4 % 9.26 116.7 %
Q1 2020 35.00 211.0 % 20.75 1903.1 % 18.71 659.5 %
Q2 2020 17.86 42.7 % 7.85 3884.8 % 5.82 418.7 %
Q3 2020 29.54 37.4 % 13.15 37.7 % 10.01 27.6 %
Q4 2020 21.37 (14.2 %) 6.92 (40.4 %) 1.17 (87.4 %)
Q1 2021 27.01 (22.8 %) 14.58 (29.8 %) 12.31 (34.2 %)
Q2 2021 19.87 11.3 % 8.52 8.5 % 6.03 3.7 %
Q3 2021 22.10 (25.2 %) 9.37 (28.7 %) 7.02 (29.9 %)
Q4 2021 16.59 (22.4 %) 1.78 (74.3 %) (3.24) (377.7 %)
Q1 2022 14.59 (46.0 %) 5.19 (64.4 %) 2.58 (79.0 %)
Q2 2022 17.65 (11.2 %) 5.33 (37.4 %) 1.46 (75.7 %)
Q3 2022 12.45 (43.6 %) 2.84 (69.7 %) (1.91) (127.1 %)
Q4 2022 10.05 (39.4 %) (5.63) (417.2 %) (9.99) (208.3 %)
Q1 2023 13.36 (8.4 %) 1.88 (63.8 %) (0.48) (118.5 %)
Q2 2023 14.30 (19.0 %) 3.71 (30.5 %) 1.20 (18.3 %)
Q3 2023 13.25 6.4 % 2.93 2.9 % (0.38) 79.8 %
Q4 2023 10.99 9.3 % 0.10 101.7 % (6.45) 35.4 %
2023 51.89 (5.2 %) 8.60 11.4 % (6.12) 22.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 5.50 (14.4 %) 0.17 - 5.50 0.17
Q2 2014 5.20 (34.2 %) 0.16 - 5.20 0.16
Q3 2014 7.93 139.6 % 0.25 - 7.93 0.25
Q4 2014 3.11 627.6 % 0.10 - 3.11 0.10
Q1 2015 5.12 (6.9 %) 0.16 - 5.12 0.16
Q2 2015 10.81 107.9 % 0.34 - 10.81 0.34
Q3 2015 4.70 (40.7 %) 0.15 - 4.70 0.15
Q4 2015 0.98 (68.6 %) 0.03 - 0.98 0.03
Q1 2016 3.74 (27.0 %) 0.12 - 3.74 0.12
Q2 2016 2.28 (78.9 %) 0.07 - 2.28 0.07
Q3 2016 5.31 13.0 % 0.17 - 5.31 0.17
Q4 2016 2.88 195.4 % 0.09 - 2.88 0.09
Q1 2017 (3.44) (191.9 %) (0.11) - (3.44) (0.11)
Q2 2017 (2.54) (211.0 %) (0.08) - (2.54) (0.08)
Q3 2017 (4.22) (179.5 %) (0.13) - (4.22) (0.13)
Q4 2017 (6.23) (316.3 %) (0.20) - (6.23) (0.20)
Q1 2018 0.35 110.1 % 0.01 - 0.35 0.01
Q2 2018 1.18 146.5 % 0.04 - 1.18 0.04
Q3 2018 3.28 177.8 % 0.10 - 3.28 0.10
Q4 2018 6.73 208.0 % 0.21 - 6.73 0.21
Q1 2019 (3.51) (1110.4 %) (0.11) - (3.51) (0.11)
Q2 2019 (1.89) (260.2 %) (0.06) - (1.89) (0.06)
Q3 2019 6.96 111.9 % 0.22 - 6.96 0.22
Q4 2019 9.34 38.9 % 0.30 - 9.34 0.30
Q1 2020 17.71 605.2 % 0.56 - 17.71 0.56
Q2 2020 5.18 374.7 % 0.16 - 5.18 0.16
Q3 2020 9.35 34.3 % 0.30 - 9.35 0.30
Q4 2020 (0.47) (105.1 %) (0.01) - (0.47) (0.01)
Q1 2021 11.76 (33.6 %) 0.37 - 11.76 0.37
Q2 2021 5.68 9.7 % 0.18 - 5.68 0.18
Q3 2021 6.02 (35.5 %) 0.19 - 6.02 0.19
Q4 2021 (2.71) (474.6 %) (0.09) - (2.71) (0.09)
Q1 2022 3.21 (72.7 %) 0.10 - 3.21 0.10
Q2 2022 1.67 (70.7 %) 0.05 - 1.67 0.05
Q3 2022 (1.57) (126.1 %) (0.05) - (1.57) (0.05)
Q4 2022 (9.75) (259.6 %) (0.31) - (9.75) (0.31)
Q1 2023 0.54 (83.1 %) 0.02 - 0.54 0.02
Q2 2023 1.52 (8.5 %) 0.05 - 1.52 0.05
Q3 2023 9.05 676.6 % 0.29 6.86 2.19 0.07
Q4 2023 (5.99) 38.5 % (0.19) - (5.99) (0.19)
2023 5.13 179.6 % 0.16 6.86 (1.74) (0.05)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 33.10 % 46.53 % 22.02 %
Q2 2014 29.68 % 43.39 % 19.78 %
Q3 2014 34.89 % 46.67 % 24.50 %
Q4 2014 36.46 % 47.19 % 26.22 %
Q1 2015 35.78 % 46.65 % 26.06 %
Q2 2015 33.75 % 44.47 % 32.73 %
Q3 2015 30.03 % 41.19 % 29.44 %
Q4 2015 27.93 % 39.55 % 27.38 %
Q1 2016 26.05 % 37.16 % 25.31 %
Q2 2016 26.30 % 36.80 % 14.59 %
Q3 2016 26.47 % 36.99 % 15.29 %
Q4 2016 30.34 % 37.35 % 17.10 %
Q1 2017 24.16 % 32.18 % 9.54 %
Q2 2017 20.67 % 29.42 % 3.29 %
Q3 2017 9.54 % 19.51 % (12.97 %)
Q4 2017 (19.23 %) (3.64 %) (37.51 %)
Q1 2018 (7.57 %) 6.06 % (26.60 %)
Q2 2018 (0.56 %) 12.23 % (17.89 %)
Q3 2018 13.08 % 23.48 % (2.42 %)
Q4 2018 31.44 % 29.86 % 18.85 %
Q1 2019 26.64 % 21.61 % 13.20 %
Q2 2019 21.94 % 13.26 % 8.39 %
Q3 2019 26.23 % 15.50 % 14.18 %
Q4 2019 28.79 % 27.99 % 15.54 %
Q1 2020 44.84 % 44.46 % 34.20 %
Q2 2020 50.14 % 49.62 % 39.49 %
Q3 2020 49.73 % 47.96 % 38.75 %
Q4 2020 46.91 % 42.32 % 30.62 %
Q1 2021 44.37 % 39.10 % 26.96 %
Q2 2021 44.14 % 38.72 % 26.92 %
Q3 2021 43.59 % 39.32 % 25.46 %
Q4 2021 40.02 % 36.79 % 24.26 %
Q1 2022 33.98 % 30.06 % 16.69 %
Q2 2022 30.55 % 24.93 % 11.55 %
Q3 2022 24.70 % 13.48 % 0.97 %
Q4 2022 14.11 % 7.52 % (11.77 %)
Q1 2023 8.25 % 3.18 % (17.03 %)
Q2 2023 5.57 % 3.84 % (18.45 %)
Q3 2023 5.64 % 6.98 % (10.78 %)
Q4 2023 16.58 % 8.32 % (3.35 %)
2023 16.58 % 8.32 % (3.35 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 31.67 0.54 0.54 14.69
Q2 2014 31.67 0.46 0.46 14.78
Q3 2014 31.67 0.60 0.60 15.09
Q4 2014 31.67 0.69 0.69 15.05
Q1 2015 31.67 0.67 0.67 14.59
Q2 2015 31.67 0.85 0.85 14.93
Q3 2015 31.67 0.75 0.75 14.98
Q4 2015 31.67 0.68 0.68 14.83
Q1 2016 31.67 0.64 0.64 14.28
Q2 2016 31.67 0.37 0.37 14.38
Q3 2016 31.67 0.39 0.39 14.51
Q4 2016 31.67 0.45 0.45 14.65
Q1 2017 31.67 0.22 0.22 14.52
Q2 2017 31.67 0.07 0.07 13.96
Q3 2017 31.67 (0.23) (0.23) 13.83
Q4 2017 31.67 (0.52) (0.52) 13.64
Q1 2018 31.67 (0.40) (0.40) 13.74
Q2 2018 31.67 (0.28) (0.28) 13.84
Q3 2018 31.67 (0.04) (0.04) 13.98
Q4 2018 31.67 0.36 0.36 14.18
Q1 2019 31.67 0.24 0.24 14.09
Q2 2019 31.67 0.15 0.15 13.52
Q3 2019 31.67 0.26 0.26 13.68
Q4 2019 31.67 0.34 0.34 14.04
Q1 2020 31.67 1.01 1.01 14.40
Q2 2020 31.67 1.24 1.24 14.22
Q3 2020 31.67 1.31 1.31 14.71
Q4 2020 31.67 1.00 1.00 14.54
Q1 2021 31.67 0.82 0.82 15.47
Q2 2021 31.67 0.83 0.83 15.07
Q3 2021 31.67 0.73 0.73 15.11
Q4 2021 31.67 0.66 0.66 14.98
Q1 2022 31.67 0.39 0.39 15.34
Q2 2022 31.67 0.26 0.26 14.18
Q3 2022 31.67 0.02 0.02 13.66
Q4 2022 31.67 (0.20) (0.20) 11.26
Q1 2023 31.67 (0.29) (0.29) 11.26
Q2 2023 31.67 (0.29) (0.29) 11.36
Q3 2023 31.67 0.04 (0.17) 11.65
Q4 2023 31.67 0.16 (0.05) 11.44

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 57.12 57.12 2.10
Q2 2014 75.60 75.60 2.33
Q3 2014 62.52 62.52 2.49
Q4 2014 34.06 34.06 1.55
Q1 2015 40.14 40.14 1.85
Q2 2015 28.66 28.66 1.63
Q3 2015 22.82 22.82 1.14
Q4 2015 23.50 23.50 1.08
Q1 2016 21.18 21.18 0.95
Q2 2016 37.35 37.35 0.96
Q3 2016 25.94 25.94 0.69
Q4 2016 29.55 29.55 0.91
Q1 2017 61.67 61.67 0.94
Q2 2017 More than 100 More than 100 0.87
Q3 2017 NEG NEG 0.90
Q4 2017 NEG NEG 0.91
Q1 2018 NEG NEG 0.88
Q2 2018 NEG NEG 0.97
Q3 2018 NEG NEG 0.92
Q4 2018 32.84 32.84 0.84
Q1 2019 53.43 53.43 0.92
Q2 2019 79.58 79.58 0.86
Q3 2019 46.60 46.60 0.89
Q4 2019 39.43 39.43 0.97
Q1 2020 12.46 12.46 0.88
Q2 2020 12.36 12.36 1.08
Q3 2020 18.38 18.38 1.64
Q4 2020 27.86 27.86 1.92
Q1 2021 38.88 38.88 2.05
Q2 2021 61.84 61.84 3.41
Q3 2021 67.12 67.12 3.23
Q4 2021 68.64 68.64 3.00
Q1 2022 More than 100 More than 100 2.76
Q2 2022 More than 100 More than 100 1.87
Q3 2022 More than 100 More than 100 1.88
Q4 2022 NEG NEG 1.97
Q1 2023 NEG NEG 2.00
Q2 2023 NEG NEG 2.29
Q3 2023 More than 100 NEG 1.99
Q4 2023 More than 100 NEG 2.05

Business Segments (Million)

Compared With The
Period Gypsum powder production Plaster board
Q1 2016 19.11 0.71
Q2 2016 16.32 3.49
Q3 2016 20.30 -
Q4 2016 24.00 -
Q1 2017 9.33 1.19
Q2 2017 11.79 1.53
Q3 2017 7.94 1.29
Q4 2017 9.45 1.24
Q1 2018 13.41 0.83
Q2 2018 14.26 1.46
Q3 2018 16.73 1.32
Q4 2018 10.79 2.40
Q1 2019 9.64 1.61
Q2 2019 10.59 1.93
Q3 2019 19.90 1.59
Q4 2019 23.71 1.21
Q1 2020 33.31 1.68
Q2 2020 16.62 1.24
Q3 2020 28.44 1.09
Q4 2020 20.23 1.14
Q3 2021 21.79 0.31
Q4 2021 16.34 0.24
Q1 2022 14.31 0.27
Q2 2022 17.41 0.23
Q3 2022 12.29 0.17
Q4 2022 9.89 0.17
Q1 2023 13.25 0.10
Q2 2023 14.06 0.24
Q3 2023 12.93 0.31
Q4 2023 10.48 0.51


Financial Ratios
Current
Market Cap (M Riyal) 687.80
Enterprise Value (EV) (M) 685.31
Shares Outstanding ((M)) 31.67
EPS ( Riyal) (TTM) (0.45)
Book Value (BV) ( Riyal) 11.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.97
Return on Average Assets (%) (TTM) (3.52 )
Return on Average Equity (%) (TTM) (3.94 )
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Share Price

National Gypsum Co.
21.60
(0.02) (0.09 %)

National Gypsum Co. (NGC)

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