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)	79.9 %
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.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2021	16.59	(22.4 %)	1.78	(74.3 %)	(2.71)	(474.6 %)	(0.09)
2021	85.56	(17.5 %)	34.24	(29.7 %)	20.76	(34.7 %)	0.66
Q1 2022	14.59	(46.0 %)	5.19	(64.4 %)	3.21	(72.7 %)	0.10
Q2 2022	17.65	(11.2 %)	5.33	(37.4 %)	1.67	(70.7 %)	0.05
Q3 2022	12.45	(43.6 %)	2.84	(69.7 %)	(1.57)	(126.1 %)	(0.05)
Q4 2022	10.05	(39.4 %)	(5.63)	(417.2 %)	(9.75)	(259.6 %)	(0.31)
2022	54.74	(36.0 %)	7.73	(77.4 %)	(6.44)	(131.0 %)	(0.20)
Q1 2023	13.36	(8.4 %)	1.88	(63.8 %)	0.54	(83.1 %)	0.02
Q2 2023	14.30	(19.0 %)	3.71	(30.5 %)	1.52	(8.5 %)	0.05
Q3 2023	13.25	6.4 %	2.93	2.9 %	9.05	676.6 %	0.29

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2021	85.56	(17.5 %)	34.24	(29.7 %)	20.76	(34.7 %)	0.66
2022	54.74	(36.0 %)	7.73	(77.4 %)	(6.44)	(131.0 %)	(0.20)

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 %
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 %
Q4 2021	40.02 %	36.79 %	24.26 %
2021	40.02 %	36.78 %	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 %)
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2021	40.02 %	36.78 %	24.26 %
2022	14.11 %	7.52 %	(11.77 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2021	10.70 %	(2.35 %)	(16.35 %)
Q1 2022	35.55 %	32.62 %	22.02 %
Q2 2022	30.20 %	21.00 %	9.44 %
Q3 2022	22.83 %	1.47 %	(12.61 %)
Q4 2022	(56.01 %)	(45.06 %)	(96.99 %)
Q1 2023	14.04 %	17.54 %	4.06 %
Q2 2023	25.91 %	27.49 %	10.66 %
Q3 2023	22.09 %	13.69 %	16.53 %

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)	13.74
Q3 2023	31.67	0.04	(0.17)	13.59

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	31.67	0.66	0.66	14.98
2022	31.67	(0.20)	(0.20)	11.26

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	1.89
Q3 2023	More than 100	NEG	1.71

Period	P/E	Adjusted P/E	Price/book
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
2021	68.64	68.64	3.00
2022	NEG	NEG	1.97

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

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
2021	84.04	1.52
2022	53.90	0.84

Financial Ratios

	Current
Market Cap (M Riyal)	770.13
Enterprise Value (EV) (M)	715.92
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	2.13
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 2023 profit soars to SAR 11.1 mln; Q3 at SAR 9.1 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) 2023 Q3

Financial Ratios

Share Price

National Gypsum Co. (NGC)

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

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

National Gypsum Co. (NGC)

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Business Segments (Million)