National Gypsum H1 2022 net profit slumps 72% to SAR 4.9 mln; Q2 falls to SAR 1.7 mln

24/08/2022 Argaam Exclusive

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National Gypsum Co.
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(0.40) (1.46 %)

National Gypsum Co. (NGC)

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National Gypsum Co. posted a net profit after Zakat and tax of SAR 4.9 million for the first half of 2022, a plunge of 72% compared to SAR 17.5 million in the same period last year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 46.88 32.23 (31.2 %)
Gross Income 23.09 10.52 (54.5 %)
Operating Income 18.34 4.05 (77.9 %)
Net Income 17.45 4.88 (72.0 %)
Average Shares 31.67 31.67 0.0 %
EPS (Riyals) 0.55 0.15 (72.0 %)

The profit drop was attributed to a decline of 31.24% year-on-year (YoY) in net sales and low valuation of the investment portfolio. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 19.87 17.65 (11.2 %)
Gross Income 8.52 5.33 (37.4 %)
Operating Income 6.03 1.46 (75.7 %)
Net Income 5.68 1.67 (70.7 %)
Average Shares 31.67 31.67 0.0 %
EPS (Riyals) 0.18 0.05 (70.7 %)

The Q2 2022 net profit after Zakat and tax slumped 71% YoY to SAR 1.7 million due to a decline in net sales.

 

On a sequential basis, Q2 net profit fell 48% from SAR 3.2 million.

 

Shareholders’ equity, after minority interest, stood at SAR 448.98 million as of June 30, 2022, compared to SAR 467.26 million a year earlier.

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