National Gypsum 9M 2022 profit down 77% to SAR 5.4 mln; Q3 at SAR 540,000

National Gypsum 9M 2022 profit down 77% to SAR 5.4 mln; Q3 at SAR 540,000

10/11/2022 Argaam Exclusive

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National Gypsum Co. (NGC) reported a net profit after Zakat and tax of SAR 5.4 million for the first nine months of 2022, a slump of 77%, from SAR 23.5 million in the year-earlier period, on a 35.22% decline in net sales on lower volumes.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 68.97 44.68 (35.2 %)
Gross Income 32.47 13.36 (58.9 %)
Operating Income 25.36 2.14 (91.5 %)
Net Income 23.47 3.31 (85.9 %)
Average Shares 31.67 31.67 0.0 %
EPS (Riyals) 0.74 0.10 (85.9 %)

Q3 2022 net profit tumbled 91% year-on-year (YoY) to SAR 540,000, from SAR 6.02 million in the year-earlier period, on a 43.65% decline in net sales due to lower demand.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 22.10 12.45 (43.6 %)
Gross Income 9.37 2.84 (69.7 %)
Operating Income 7.02 (1.91) (127.1 %)
Net Income 6.02 (1.57) (126.1 %)
Average Shares 31.67 31.67 0.0 %
EPS (Riyals) 0.19 (0.05) (126.1 %)

On a sequential basis, net profit dropped 67.6% from SAR 1.67 million.

 

Total shareholders’ equity (no minority interest) stood at SAR 446.73 million, compared to SAR 478.38 million in the year-earlier period. 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 22.52 (3.5 %) 8.44 (6.0 %) 6.19 (8.8 %)
Q2 2013 23.93 3.2 % 9.57 12.7 % 7.64 19.3 %
Q3 2013 16.85 (4.0 %) 4.77 (7.2 %) 2.86 (9.3 %)
Q4 2013 17.25 (5.3 %) 4.15 7.9 % 1.90 9.4 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 6.43 (31.6 %) 0.20 - 6.43 0.20
Q2 2013 7.90 19.5 % 0.25 - 7.90 0.25
Q3 2013 3.31 (7.9 %) 0.10 - 3.31 0.10
Q4 2013 0.43 (11.8 %) 0.01 - 0.43 0.01
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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


Financial Ratios
Current
Market Cap (M Riyal) 685.27
Enterprise Value (EV) (M) 682.78
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 1.96
Return on Average Assets (%) (TTM) (3.52 )
Return on Average Equity (%) (TTM) (3.94 )
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Share Price

National Gypsum Co.
21.64
0.02 0.09 %

National Gypsum Co. (NGC)

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