National Gypsum Co. (NGC) reported a net profit after Zakat and tax of SAR 11 million for fiscal year 2019, down 5% from SAR 11.5 million in 2018, the company said in a bourse statement on Monday.
The drop in profits was driven by the increase in cost of sales, in addition to the rise in administrative and marketing expenses.
The company generated SAR 70.18 million in revenues in 2019, 14.69% higher from SAR 61.19 million in the previous year.
In Q4 2019, the company's net profit after Zakat jumped 39% to SAR 9.3 million.
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