National Gypsum profits decline 70.6% to SR1.6 mln in Q2‎

National Gypsum Co. revealed that the net profit after zakat and tax in the second quarter decreased to 1.6 million riyals, compared to 5.6 million riyals in the same quarter of last year, at a rate of 70.6%. This came after today’s announcement of the preliminary financial results for the period ending in 2022-06 -30 (six months).

The operationalprofit amounted to 1.4 million riyals in the second quarter, compared to 6 million riyals in the same quarter of the previous year, a decrease of 75.7%.

The net profit after zakat and tax in the 6-month period amounted to 4.8 million riyals, compared to 17.4 million riyals in the same period last year, a decrease of 72%.

Meanwhile, the total shareholders’ equity “without minority rights” amounted to 449 million riyals in the current period, compared to 467.2 million riyals in the same period last year, a decrease of 3.9%.

Profits per share in the current period amounted to 0.15 riyals, compared to 0.55 riyals in the same period last year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

• decrease in net sales by 11.18 % because of low in demand

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:

1- Sales rise and demand improves relatively .

2.decrease in net other revenue (investments) by 10.39%

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:

1. decrease in net sales by 31.24 % because of low in demand.
2. Low valuation of the investment portfolio or the valuation of the investment portfolio is low.

Additional Information:

First, the comprehensive income for the three-month period ended on 30-06-2022 (loss) amounted to SAR 5.29 million compared to a profit of Sar 8.63 million for the same quarter of the previous year , and the comprehensive income for the previous quarter of the current year amounted to a profit of Sar 11.60 million as a result of the revaluation of the investment portfolio of shares at the end of each quarter .

Shareholders ‘ equity (no minority rights ) for the current period amounted to SAR 448.98 million compared to SAR 467.26 million for the same period of the previous year, a decrease of 3.91%