National Gypsum swings to loss in 9M 2017

08/11/2017 Argaam Exclusive

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Share Price

National Gypsum Co. (NGC)

National Gypsum Co. reported a net loss to SAR 10.2 million in the first nine months of 2017, compared to a net profit of SAR 11.3 million a year earlier, due to the decrease in net sales.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	59.80	33.08	(44.7 %)
Gross Income	16.24	(3.59)	(122.1 %)
Operating Income	10.40	(8.45)	(181.3 %)
Net Income	11.33	(10.19)	(189.9 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.36	(0.32)	(189.9 %)

The company posted a net loss of SAR 4.2 million in Q3 versus a net profit of SAR 5.3 million in the same quarter last year. The loss was attributed to a decline in net sales due to slowdown in construction.

Q3 net loss widened by 67 percent compared to the previous quarter due to a drop in sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	20.17	9.23	(54.2 %)
Gross Income	6.87	(1.67)	(124.3 %)
Operating Income	5.16	(3.30)	(164.0 %)
Net Income	5.31	(4.22)	(179.5 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.17	(0.13)	(179.5 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	13.32	9.23	(30.7 %)
Gross Income	0.31	(1.67)	(634.0 %)
Operating Income	(1.42)	(3.30)	(133.0 %)
Net Income	(2.54)	(4.22)	(66.4 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	(0.08)	(0.13)	(66.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	59.84	5.3 %	29.86	12.8 %	28.62	8.6 %	0.90
Q2 2008	71.25	14.1 %	34.97	12.2 %	32.37	8.2 %	1.02
Q3 2008	68.12	21.0 %	31.46	21.9 %	29.01	28.4 %	0.92
Q4 2008	60.79	27.4 %	24.60	32.3 %	22.33	39.6 %	0.71
2008	259.99	16.4 %	120.88	18.5 %	112.32	18.4 %	3.55
Q1 2009	60.38	0.9 %	31.34	5.0 %	28.91	1.0 %	0.91
Q2 2009	55.18	(22.6 %)	26.63	(23.8 %)	23.99	(25.9 %)	0.76
Q3 2009	44.52	(34.6 %)	17.72	(43.7 %)	23.35	(19.5 %)	0.74
Q4 2009	42.64	(29.9 %)	15.68	(36.3 %)	12.31	(44.9 %)	0.39
2009	202.71	(22.0 %)	91.37	(24.4 %)	88.57	(21.1 %)	2.80
Q1 2010	41.49	(31.3 %)	19.93	(36.4 %)	17.36	(40.0 %)	0.55
Q2 2010	42.25	(23.4 %)	17.38	(34.7 %)	16.37	(31.8 %)	0.52
Q3 2010	33.84	(24.0 %)	13.20	(25.5 %)	10.85	(53.5 %)	0.34
Q4 2010	36.54	(14.3 %)	12.39	(21.0 %)	7.96	(35.4 %)	0.25
2010	154.12	(24.0 %)	62.90	(31.2 %)	52.53	(40.7 %)	1.66
Q1 2011	32.40	(21.9 %)	13.18	(33.9 %)	11.13	(35.9 %)	0.35
Q2 2011	30.91	(26.8 %)	12.06	(30.6 %)	10.00	(38.9 %)	0.32
Q3 2011	21.45	(36.6 %)	6.46	(51.1 %)	4.31	(60.3 %)	0.14
Q4 2011	22.86	(37.4 %)	8.16	(34.1 %)	4.17	(47.6 %)	0.13
2011	107.62	(30.2 %)	39.86	(36.6 %)	29.61	(43.6 %)	0.93
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)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	223.28	(8.8 %)	102.02	(27.0 %)	94.85	(26.0 %)	3.00
2008	259.99	16.4 %	120.88	18.5 %	112.32	18.4 %	3.55
2009	202.71	(22.0 %)	91.37	(24.4 %)	88.57	(21.1 %)	2.80
2010	154.12	(24.0 %)	62.90	(31.2 %)	52.53	(40.7 %)	1.66
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	46.58 %	51.01 %	42.91 %
Q2 2008	46.45 %	51.15 %	42.35 %
Q3 2008	46.52 %	51.13 %	42.92 %
Q4 2008	46.50 %	50.98 %	43.20 %
2008	46.50 %	50.98 %	43.20 %
Q1 2009	46.97 %	51.57 %	43.22 %
Q2 2009	46.64 %	51.48 %	42.64 %
Q3 2009	45.41 %	50.83 %	44.64 %
Q4 2009	45.07 %	51.12 %	43.69 %
2009	45.07 %	51.12 %	43.69 %
Q1 2010	43.50 %	50.53 %	41.89 %
Q2 2010	41.38 %	48.64 %	40.60 %
Q3 2010	41.31 %	48.99 %	35.50 %
Q4 2010	40.81 %	48.72 %	34.08 %
2010	40.81 %	48.72 %	34.08 %
Q1 2011	38.72 %	47.21 %	31.93 %
Q2 2011	38.02 %	47.29 %	29.87 %
Q3 2011	36.35 %	46.32 %	27.53 %
Q4 2011	37.04 %	48.47 %	27.51 %
2011	37.04 %	48.47 %	27.51 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	45.69 %	50.32 %	42.48 %
2008	46.50 %	50.98 %	43.20 %
2009	45.07 %	51.12 %	43.69 %
2010	40.81 %	48.72 %	34.08 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	49.90 %	53.32 %	47.83 %
Q2 2008	49.08 %	54.42 %	45.42 %
Q3 2008	46.18 %	50.79 %	42.58 %
Q4 2008	40.46 %	44.87 %	36.73 %
Q1 2009	51.90 %	55.81 %	47.88 %
Q2 2009	48.27 %	54.88 %	43.49 %
Q3 2009	39.80 %	47.19 %	52.46 %
Q4 2009	36.77 %	43.73 %	28.87 %
Q1 2010	48.04 %	55.30 %	41.83 %
Q2 2010	41.14 %	48.58 %	38.74 %
Q3 2010	39.01 %	48.42 %	32.06 %
Q4 2010	33.91 %	41.70 %	21.77 %
Q1 2011	40.68 %	50.39 %	34.35 %
Q2 2011	39.02 %	49.41 %	32.35 %
Q3 2011	30.12 %	43.58 %	20.10 %
Q4 2011	35.70 %	49.08 %	18.22 %
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 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	31.67	3.07	3.07	14.95
Q2 2008	31.67	3.14	3.14	15.97
Q3 2008	31.67	3.35	3.35	16.63
Q4 2008	31.67	3.55	3.55	14.45
Q1 2009	31.67	3.56	3.56	15.38
Q2 2009	31.67	3.29	3.29	16.28
Q3 2009	31.67	3.11	3.11	17.07
Q4 2009	31.67	2.80	2.80	14.98
Q1 2010	31.67	2.43	2.43	15.57
Q2 2010	31.67	2.19	2.19	16.04
Q3 2010	31.67	1.80	1.80	16.37
Q4 2010	31.67	1.66	1.66	14.60
Q1 2011	31.67	1.46	1.46	15.00
Q2 2011	31.67	1.26	1.26	15.33
Q3 2011	31.67	1.05	1.05	15.43
Q4 2011	31.67	0.93	0.93	14.30
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	31.67	3.00	3.00	14.12
2008	31.67	3.55	3.55	14.45
2009	31.67	2.80	2.80	14.98
2010	31.67	1.66	1.66	14.60
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	19.16	19.16	3.93
Q2 2008	22.02	22.02	4.34
Q3 2008	14.25	14.25	2.87
Q4 2008	8.54	8.54	2.10
Q1 2009	12.43	12.43	2.87
Q2 2009	14.70	14.70	2.97
Q3 2009	14.13	14.13	2.58
Q4 2009	13.69	13.69	2.56
Q1 2010	17.56	17.56	2.74
Q2 2010	14.51	14.51	1.98
Q3 2010	16.70	16.70	1.83
Q4 2010	18.39	18.39	2.09
Q1 2011	22.98	22.98	2.24
Q2 2011	24.58	24.58	2.02
Q3 2011	26.26	26.26	1.80
Q4 2011	29.84	29.84	1.95
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

Period	P/E	Adjusted P/E	Price/book
2007	25.37	25.37	5.38
2008	8.54	8.54	2.10
2009	13.69	13.69	2.56
2010	18.39	18.39	2.09
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

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

Period	Gypsum powder production	Plaster board
2014	80.83	2.03
2015	75.07	3.83
2016	79.73	3.34

Financial Ratios

	Current
Market Cap (M Riyal)	820.16
Enterprise Value (EV) (M)	769.43
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	2.27
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	1.5

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National Gypsum swings to loss in 9M 2017

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Share Price

National Gypsum Co. (NGC)

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) 2017 Q3

Financial Ratios

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National Gypsum swings to loss in 9M 2017

View other reports

Share Price

National Gypsum Co. (NGC)

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 2017

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

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Business Segments (Million)