National Gypsum incurs SAR 5 mln loss in H1 2019

07/08/2019 Argaam Exclusive

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Share Price

24.96
(0.34) (1.34 %)

National Gypsum Co. (NGC)

National Gypsum Co. (NGC) posted a net loss after zakat and tax of SAR 5.4 million for H1 2019, versus a net profit of SAR 1.5 million a year earlier, hurt by lower sales, increased cost of goods sold, and higher general and marketing expenses.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 29.96 23.77 (20.7 %)
Gross Income 6.21 (0.95) (115.4 %)
Operating Income 2.71 (5.17) (291.1 %)
Net Income 1.53 (5.39) (453.6 %)
Average Shares 31.67 31.67 -
EPS (Riyals) 0.05 (0.17) (453.6 %)

In Q2 2019, the company sustained a net loss after zakat and tax of SAR 1.9 million against a net profit of SAR 1.2 million in the same quarter last year.

 

Gypsum was impacted by a decline in net sales and client orders during Ramadan. The results were also hit by increased cost of goods sold due to maintenance of some production lines.

 

 When compared to the previous quarter, Q2 losses narrowed by 46.2 percent on higher net sales, along with a decline in the cost of goods sold, general and marketing expenses.

 

A rise in other net income also helped cut losses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 15.71 12.52 (20.3 %)
Gross Income 3.63 0.20 (94.6 %)
Operating Income 1.89 (1.83) (196.7 %)
Net Income 1.18 (1.89) (260.2 %)
Average Shares 31.67 31.67 -
EPS (Riyals) 0.04 (0.06) (260.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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)
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
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %)
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 %
Q1 2019 26.64 % 21.61 % 13.20 %
Q2 2019 21.94 % 13.26 % 8.39 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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

Current
Market Cap (M Riyal) 790.40
Enterprise Value (EV) (M) 739.66
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 2.19
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 1.5

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