National Gypsum’s net profit rises 11% to SAR 20.6 mln in nine-months 2015

20/10/2015 Argaam Exclusive

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National Gypsum Co. (NGC)

National Gypsum Co. reported a net profit of SAR 20.6 million for the first nine months of 2015, an 11 percent rise year-on-year (YOY), due to higher investment earnings and lower operating profit.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	60.50	58.24	(3.7 %)
Gross Income	22.98	16.97	(26.1 %)
Operating Income	15.52	10.12	(34.8 %)
Net Income	18.62	20.62	10.7 %
Average Shares	31.67	31.67	-
EPS (Riyals)	0.59	0.65	10.7 %

The company, which produces gypsum boards, glue, and other plastering products, recorded a net profit of SAR 4.7 million in Q3 this year, a drop of 40.7 percent compared to the same quarter last year, driven by lower sales and lower local demand. Its net profit in Q3 plunged 56.6 percent quarter-on-quarter from SAR 10.81 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	21.64	19.87	(8.2 %)
Gross Income	10.25	6.65	(35.1 %)
Operating Income	7.58	4.39	(42.0 %)
Net Income	7.93	4.70	(40.7 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.25	0.15	(40.7 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	19.52	19.87	1.8 %
Gross Income	3.95	6.65	68.2 %
Operating Income	1.70	4.39	158.4 %
Net Income	10.81	4.70	(56.5 %)
Average Shares	31.67	31.67	-
EPS (Riyals)	0.34	0.15	(56.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	63.22	3.9 %	34.55	0.0 %	31.72	0.7 %	1.00
Q2 2006	69.00	(10.0 %)	36.38	(3.3 %)	34.47	(4.2 %)	1.09
Q3 2006	63.99	(7.3 %)	31.79	(11.3 %)	28.67	(9.8 %)	0.91
Q4 2006	48.48	(21.9 %)	37.12	7.4 %	33.30	5.4 %	1.05
2006	244.69	(8.9 %)	139.85	(1.9 %)	128.15	(2.0 %)	4.05
Q1 2007	56.81	(10.1 %)	26.47	(23.4 %)	26.36	(16.9 %)	0.83
Q2 2007	62.45	(9.5 %)	31.17	(14.3 %)	29.91	(13.2 %)	0.94
Q3 2007	56.31	(12.0 %)	25.80	(18.9 %)	22.60	(21.2 %)	0.71
Q4 2007	47.71	(1.6 %)	18.59	(49.9 %)	15.99	(52.0 %)	0.50
2007	223.28	(8.8 %)	102.02	(27.0 %)	94.85	(26.0 %)	3.00
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	268.52	23.2 %	142.57	18.8 %	130.82	22.3 %	4.13
2006	244.69	(8.9 %)	139.85	(1.9 %)	128.15	(2.0 %)	4.05
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	52.63 %	54.05 %	48.37 %
Q2 2006	53.68 %	54.31 %	49.20 %
Q3 2006	53.16 %	52.79 %	48.95 %
Q4 2006	57.15 %	60.10 %	52.37 %
2006	57.15 %	60.10 %	52.37 %
Q1 2007	55.30 %	58.61 %	51.53 %
Q2 2007	54.61 %	58.40 %	51.02 %
Q3 2007	53.81 %	58.02 %	50.06 %
Q4 2007	45.69 %	50.32 %	42.48 %
2007	45.69 %	50.32 %	42.48 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	53.09 %	55.01 %	48.72 %
2006	57.15 %	60.10 %	52.37 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	54.65 %	57.29 %	50.16 %
Q2 2006	52.73 %	55.49 %	49.95 %
Q3 2006	49.69 %	53.01 %	44.81 %
Q4 2006	76.57 %	79.67 %	68.68 %
Q1 2007	46.59 %	50.74 %	46.39 %
Q2 2007	49.91 %	54.36 %	47.89 %
Q3 2007	45.82 %	50.80 %	40.13 %
Q4 2007	38.96 %	43.96 %	33.52 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	31.67	4.14	4.14	12.48
Q2 2006	31.67	4.09	4.09	13.55
Q3 2006	31.67	3.99	3.99	14.43
Q4 2006	31.67	4.05	4.05	13.12
Q1 2007	31.67	3.88	3.88	13.94
Q2 2007	31.67	3.73	3.73	14.87
Q3 2007	31.67	3.54	3.54	15.66
Q4 2007	31.67	3.00	3.00	14.12
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	31.67	4.13	4.13	11.43
2006	31.67	4.05	4.05	13.12
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	30.24	30.24	10.02
Q2 2006	32.19	32.19	9.72
Q3 2006	30.58	30.58	8.46
Q4 2006	17.80	17.80	5.49
Q1 2007	20.12	20.12	5.60
Q2 2007	16.67	16.67	4.19
Q3 2007	18.71	18.71	4.23
Q4 2007	25.37	25.37	5.38
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

Period	P/E	Adjusted P/E	Price/book
2005	43.95	43.95	15.88
2006	17.80	17.80	5.49
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

Business Segments (Million)

Compared With The

Period	Gypsum powder production	Plaster board

Period	Gypsum powder production	Plaster board
2014	80.83	2.03

Financial Ratios

	Current
Market Cap (M Riyal)	787.23
Enterprise Value (EV) (M)	736.50
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	2.18
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	1.5

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National Gypsum’s net profit rises 11% to SAR 20.6 mln in nine-months 2015

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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) 2015 Q3

Financial Ratios

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National Gypsum’s net profit rises 11% to SAR 20.6 mln in nine-months 2015

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) 2015

Revenue by Business Segment (Latest) 2015 Q3

Financial Ratios

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Business Segments (Million)