National Gypsum Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 17.65 | 19.87 | -11.17 | 14.58 | 21.06 |
| Gross Profit (Loss) | 5.33 | 8.52 | -37.44 | 5.19 | 2.7 |
| Operational Profit (Loss) | 1.46 | 6.03 | -75.79 | 2.58 | -43.41 |
| Net Profit (Loss) after Zakat and Tax | 1.67 | 5.68 | -70.6 | 3.2 | -47.81 |
| Total Comprehensive Income | -5.29 | 8.63 | - | 11.6 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 32.23 | 46.88 | -31.25 |
| Gross Profit (Loss) | 10.51 | 23.09 | -54.48 |
| Operational Profit (Loss) | 4.05 | 18.34 | -77.92 |
| Net Profit (Loss) after Zakat and Tax | 4.88 | 17.45 | -72.03 |
| Total Comprehensive Income | 6.33 | 25.7 | -75.37 |
| Total Share Holders Equity (after Deducting Minority Equity) | 448.98 | 467.26 | -3.91 |
| Profit (Loss) per Share | 0.15 | 0.55 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Capital | |||
|---|---|---|---|
| 316,666,667 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | 1. 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 . |
| Statement of the type of external auditor's report | Qualified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | 1- In reference to note (6), the company’s property, plant and equipment includes capital projects in progress balance of which amounted to SR 42.7 million at the financial position date. The balance represents the expenditure of the installation and operation of the Alpha and Beta Factory at the company’s branch in Dammam, where the installation and operation works have not been completed yet. It also includes strategic spare parts amounted to SR16.4 million for plant and equipment. Furthermore, it includes property, plant and equipment for the company's factories amounted to SR 59.4 million to produce gypsum walls, whereby net annual loss was incurred. The management carried out a study for the recoverable value of the projects in progress and the plant. However, it was not adequate to determine whether there were any necessary adjustments to be made on the book value of these projects and plant. The management is currently working on a new study that takes into account all the new developments in the market. Accordingly, we were unable to determine, whether there is a need to recognize any impairment of these assets in the accompanying financial statements |
| Reclassification of Comparison Items | nothing |
| 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% |
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