National Gypsum 9M 2021 net profit drops 20% to SAR 25.9 mln

10/11/2021 Argaam Exclusive

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National Gypsum Co. reported a net profit after Zakat and tax of SAR 25.9 million for the first nine months of 2021, down 20% from SAR 32.2 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	82.39	68.97	(16.3 %)
Gross Income	41.75	32.47	(22.2 %)
Operating Income	34.54	25.36	(26.6 %)
Net Income	32.24	23.47	(27.2 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	1.02	0.74	(27.2 %)

The company attributed the decrease in profit to lower sales due to less demand.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	29.54	22.10	(25.2 %)
Gross Income	13.15	9.37	(28.7 %)
Operating Income	10.01	7.02	(29.9 %)
Net Income	9.35	6.02	(35.5 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.30	0.19	(35.5 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	19.87	22.10	11.2 %
Gross Income	8.52	9.37	10.0 %
Operating Income	6.03	7.02	16.4 %
Net Income	5.68	6.02	6.0 %
Average Shares	31.67	31.67	-
EPS (Riyals)	0.18	0.19	6.0 %

The company posted a net profit after Zakat and tax of SAR 6 million for Q3 2021, a 36% year-on-year (YoY) decline, on lower sales and net other revenue.

When compared to previous quarter, Q3 2021 net profit grew 5.9% on higher net sales.

Shareholders’ equity, excluding minority interest, stood at SAR 482.7 million by the end of 9M 2021 compared to SAR 465.9 million in the year-ago period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	23.32	(28.0 %)	8.98	(31.9 %)	9.40	(15.6 %)	0.30
Q2 2012	23.19	(25.0 %)	8.49	(29.6 %)	6.61	(33.9 %)	0.21
Q3 2012	17.55	(18.2 %)	5.14	(20.4 %)	3.59	(16.7 %)	0.11
Q4 2012	18.22	(20.3 %)	3.85	(52.9 %)	0.48	(88.4 %)	0.02
2012	82.27	(23.6 %)	26.46	(33.6 %)	20.08	(32.2 %)	0.63
Q1 2013	22.52	(3.5 %)	8.44	(6.0 %)	6.43	(31.6 %)	0.20
Q2 2013	23.93	3.2 %	9.57	12.7 %	7.90	19.5 %	0.25
Q3 2013	16.85	(4.0 %)	4.77	(7.2 %)	3.31	(7.9 %)	0.10
Q4 2013	17.25	(5.3 %)	4.15	7.9 %	0.43	(11.8 %)	0.01
2013	80.54	(2.1 %)	26.93	1.8 %	18.06	(10.1 %)	0.57
Q1 2014	19.78	(12.1 %)	7.27	(13.9 %)	5.50	(14.4 %)	0.17
Q2 2014	19.08	(20.3 %)	5.46	(42.9 %)	5.20	(34.2 %)	0.16
Q3 2014	21.64	28.4 %	10.25	114.8 %	7.93	139.6 %	0.25
Q4 2014	22.36	29.6 %	7.23	74.2 %	3.11	627.6 %	0.10
2014	82.86	2.9 %	30.21	12.2 %	21.73	20.3 %	0.69
Q1 2015	18.86	(4.7 %)	6.37	(12.3 %)	5.12	(6.9 %)	0.16
Q2 2015	19.52	2.3 %	3.95	(27.7 %)	10.81	107.9 %	0.34
Q3 2015	19.87	(8.2 %)	6.65	(35.1 %)	4.70	(40.7 %)	0.15
Q4 2015	20.66	(7.6 %)	5.06	(30.0 %)	0.98	(68.6 %)	0.03
2015	78.90	(4.8 %)	22.03	(27.1 %)	20.56	(5.4 %)	0.65
Q1 2016	19.82	5.1 %	5.14	(19.3 %)	3.74	(27.0 %)	0.12
Q2 2016	19.81	1.5 %	4.23	7.0 %	2.28	(78.9 %)	0.07
Q3 2016	20.17	1.5 %	6.87	3.3 %	5.31	13.0 %	0.17
Q4 2016	23.28	12.7 %	8.97	77.2 %	2.88	195.4 %	0.09
2016	83.08	5.3 %	25.20	14.4 %	14.21	(30.9 %)	0.45
Q1 2017	10.52	(46.9 %)	(2.24)	(143.6 %)	(3.44)	(191.9 %)	(0.11)
Q2 2017	13.32	(32.8 %)	0.31	(92.6 %)	(2.54)	(211.0 %)	(0.08)
Q3 2017	9.23	(54.2 %)	(1.67)	(124.3 %)	(4.22)	(179.5 %)	(0.13)
Q4 2017	10.69	(54.1 %)	(4.82)	(153.8 %)	(6.23)	(316.3 %)	(0.20)
2017	43.77	(47.3 %)	(8.42)	(133.4 %)	(16.42)	(215.6 %)	(0.52)
Q1 2018	14.25	35.4 %	2.58	215.4 %	0.35	110.1 %	0.01
Q2 2018	15.71	17.9 %	3.63	1063.1 %	1.18	146.5 %	0.04
Q3 2018	18.05	95.4 %	6.29	477.4 %	3.28	177.8 %	0.10
Q4 2018	13.18	23.3 %	6.74	239.6 %	6.73	208.0 %	0.21
2018	61.19	39.8 %	19.24	328.5 %	11.53	170.3 %	0.36
Q1 2019	11.25	(21.0 %)	(1.15)	(144.6 %)	(3.51)	(1110.4 %)	(0.11)
Q2 2019	12.52	(20.3 %)	0.20	(94.6 %)	(1.89)	(260.2 %)	(0.06)
Q3 2019	21.49	19.1 %	9.55	51.9 %	6.96	111.9 %	0.22
Q4 2019	24.92	89.0 %	11.61	72.4 %	9.34	38.9 %	0.30
2019	70.18	14.7 %	20.21	5.0 %	10.91	(5.4 %)	0.34
Q1 2020	35.00	211.0 %	20.75	1903.1 %	17.71	605.2 %	0.56
Q2 2020	17.86	42.7 %	7.85	3884.8 %	5.18	374.7 %	0.16
Q3 2020	29.54	37.4 %	13.15	37.7 %	9.35	34.3 %	0.30
Q4 2020	21.37	(14.2 %)	6.92	(40.4 %)	(0.47)	(105.1 %)	(0.01)
2020	103.76	47.8 %	48.67	140.9 %	31.77	191.3 %	1.00
Q1 2021	27.01	(22.8 %)	14.58	(29.8 %)	11.76	(33.6 %)	0.37
Q2 2021	19.87	11.3 %	8.52	8.5 %	5.68	9.7 %	0.18
Q3 2021	22.10	(25.2 %)	9.37	(28.7 %)	6.02	(35.5 %)	0.19

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	107.62	(30.2 %)	39.86	(36.6 %)	29.61	(43.6 %)	0.93
2012	82.27	(23.6 %)	26.46	(33.6 %)	20.08	(32.2 %)	0.63
2013	80.54	(2.1 %)	26.93	1.8 %	18.06	(10.1 %)	0.57
2014	82.86	2.9 %	30.21	12.2 %	21.73	20.3 %	0.69
2015	78.90	(4.8 %)	22.03	(27.1 %)	20.56	(5.4 %)	0.65
2016	83.08	5.3 %	25.20	14.4 %	14.21	(30.9 %)	0.45
2017	43.77	(47.3 %)	(8.42)	(133.4 %)	(16.42)	(215.6 %)	(0.52)
2018	61.19	39.8 %	19.24	328.5 %	11.53	170.3 %	0.36
2019	70.18	14.7 %	20.21	5.0 %	10.91	(5.4 %)	0.34
2020	103.76	47.8 %	48.67	140.9 %	31.77	191.3 %	1.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	36.19 %	48.29 %	28.28 %
Q2 2012	35.34 %	47.96 %	26.96 %
Q3 2012	35.40 %	48.58 %	27.34 %
Q4 2012	32.16 %	45.53 %	24.41 %
2012	32.16 %	45.53 %	24.41 %
Q1 2013	31.82 %	44.95 %	21.00 %
Q2 2013	32.84 %	45.99 %	22.38 %
Q3 2013	32.67 %	45.91 %	22.23 %
Q4 2013	33.44 %	46.68 %	22.42 %
2013	33.44 %	46.68 %	22.42 %
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 %
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 %
2015	27.93 %	39.55 %	26.06 %
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 %
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 %)
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	37.04 %	48.47 %	27.51 %
2012	32.16 %	45.53 %	24.41 %
2013	33.44 %	46.68 %	22.42 %
2014	36.46 %	47.19 %	26.22 %
2015	27.93 %	39.55 %	26.06 %
2016	30.34 %	37.35 %	17.10 %
2017	(19.23 %)	(3.64 %)	(37.51 %)
2018	31.44 %	29.86 %	18.85 %
2019	28.79 %	27.99 %	15.54 %
2020	46.91 %	42.32 %	30.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	38.51 %	50.38 %	40.29 %
Q2 2012	36.63 %	48.46 %	28.50 %
Q3 2012	29.29 %	45.68 %	20.46 %
Q4 2012	21.12 %	35.47 %	2.66 %
Q1 2013	37.50 %	48.45 %	28.54 %
Q2 2013	40.00 %	51.91 %	33.00 %
Q3 2013	28.31 %	45.30 %	19.64 %
Q4 2013	24.07 %	38.46 %	2.48 %
Q1 2014	36.73 %	48.10 %	27.80 %
Q2 2014	28.64 %	41.29 %	27.24 %
Q3 2014	47.36 %	56.66 %	36.63 %
Q4 2014	32.34 %	42.24 %	13.89 %
Q1 2015	33.79 %	45.83 %	27.15 %
Q2 2015	20.25 %	32.20 %	55.36 %
Q3 2015	33.47 %	44.43 %	23.64 %
Q4 2015	24.50 %	36.08 %	4.72 %
Q1 2016	25.94 %	35.90 %	18.86 %
Q2 2016	21.34 %	30.80 %	11.52 %
Q3 2016	34.04 %	45.07 %	26.32 %
Q4 2016	38.52 %	37.46 %	12.37 %
Q1 2017	(21.29 %)	(1.64 %)	(32.67 %)
Q2 2017	2.34 %	16.20 %	(19.03 %)
Q3 2017	(18.04 %)	3.12 %	(45.69 %)
Q4 2017	(45.12 %)	(36.15 %)	(58.25 %)
Q1 2018	18.13 %	30.15 %	2.44 %
Q2 2018	23.10 %	34.27 %	7.50 %
Q3 2018	34.84 %	44.13 %	18.19 %
Q4 2018	51.09 %	4.76 %	51.02 %
Q1 2019	(10.23 %)	(12.44 %)	(31.16 %)
Q2 2019	1.57 %	0.82 %	(15.08 %)
Q3 2019	44.43 %	45.27 %	32.37 %
Q4 2019	46.61 %	44.99 %	37.49 %
Q1 2020	59.31 %	59.20 %	50.62 %
Q2 2020	43.96 %	42.54 %	29.03 %
Q3 2020	44.52 %	40.43 %	31.64 %
Q4 2020	32.38 %	17.11 %	(2.21 %)
Q1 2021	53.96 %	52.76 %	43.56 %
Q2 2021	42.88 %	40.33 %	28.61 %
Q3 2021	42.41 %	43.45 %	27.26 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	31.67	0.88	0.88	14.75
Q2 2012	31.67	0.77	0.77	14.78
Q3 2012	31.67	0.75	0.75	14.85
Q4 2012	31.67	0.63	0.63	14.76
Q1 2013	31.67	0.54	0.54	14.97
Q2 2013	31.67	0.58	0.58	14.74
Q3 2013	31.67	0.57	0.57	14.87
Q4 2013	31.67	0.57	0.57	15.29
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	31.67	0.93	0.93	14.30
2012	31.67	0.63	0.63	14.76
2013	31.67	0.57	0.57	15.29
2014	31.67	0.69	0.69	15.05
2015	31.67	0.65	0.65	14.83
2016	31.67	0.45	0.45	14.65
2017	31.67	(0.52)	(0.52)	13.64
2018	31.67	0.36	0.36	14.18
2019	31.67	0.34	0.34	14.04
2020	31.67	1.00	1.00	14.54

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	41.13	41.13	2.45
Q2 2012	35.57	35.57	1.86
Q3 2012	36.92	36.92	1.87
Q4 2012	42.11	42.11	1.81
Q1 2013	53.30	53.30	1.92
Q2 2013	52.67	52.67	2.08
Q3 2013	52.09	52.09	2.00
Q4 2013	54.01	54.01	2.01
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

Period	P/E	Adjusted P/E	Price/book
2011	29.84	29.84	1.95
2012	42.11	42.11	1.81
2013	54.01	54.01	2.01
2014	34.06	34.06	1.55
2015	24.69	24.69	1.08
2016	29.55	29.55	0.91
2017	NEG	NEG	0.91
2018	32.84	32.84	0.84
2019	39.43	39.43	0.97
2020	27.86	27.86	1.92

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

Period	Gypsum powder production	Plaster board
2014	80.83	2.03
2015	75.07	3.83
2016	79.73	3.34
2017	38.51	5.25
2018	55.18	6.01
2019	63.84	6.34
2020	98.61	5.15

Financial Ratios

	Current
Market Cap (M Riyal)	742.27
Enterprise Value (EV) (M)	688.05
Shares Outstanding ((M))	31.67
EPS ( Riyal) (TTM)	0.17
Book Value (BV) ( Riyal)	11.40
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	More than 100
Price/book	2.06
Return on Average Assets (%) (TTM)	1.3
Return on Average Equity (%) (TTM)	1.5

National Gypsum Co. (NGC)

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National Gypsum 9M 2021 net profit drops 20% to SAR 25.9 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

National Gypsum Co. (NGC)

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National Gypsum 9M 2021 net profit drops 20% to SAR 25.9 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2021

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

National Gypsum Co. (NGC)

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Business Segments (Million)