Reported Earnings • Apr 04
Full year 2025 earnings released: ر.س0.97 loss per share (vs ر.س0.40 loss in FY 2024) Full year 2025 results: ر.س0.97 loss per share (further deteriorated from ر.س0.40 loss in FY 2024). Revenue: ر.س60.6m (down 4.3% from FY 2024). Net loss: ر.س30.8m (loss widened 143% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ر.س0.03 (vs ر.س0.31 loss in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.03 (up from ر.س0.31 loss in 3Q 2024). Revenue: ر.س16.3m (down 4.8% from 3Q 2024). Net income: ر.س863.0k (up ر.س10.7m from 3Q 2024). Profit margin: 5.3% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ر.س0.012 (vs ر.س0.028 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.012 (down from ر.س0.028 in 2Q 2024). Revenue: ر.س16.2m (flat on 2Q 2024). Net income: ر.س390.0k (down 57% from 2Q 2024). Profit margin: 2.4% (down from 5.6% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 64% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Announcement • May 01
National Gypsum Company, Annual General Meeting, May 22, 2025 National Gypsum Company, Annual General Meeting, May 22, 2025, at 19:30 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 24
Full year 2024 earnings released: ر.س0.46 loss per share (vs ر.س0.16 profit in FY 2023) Full year 2024 results: ر.س0.46 loss per share (down from ر.س0.16 profit in FY 2023). Revenue: ر.س63.3m (up 22% from FY 2023). Net loss: ر.س14.7m (down 387% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: ر.س0.028 (vs ر.س0.048 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.028 (down from ر.س0.048 in 2Q 2023). Revenue: ر.س16.0m (up 12% from 2Q 2023). Net income: ر.س901.2k (down 41% from 2Q 2023). Profit margin: 5.6% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Jun 05
National Gypsum Company, Annual General Meeting, Jun 25, 2024 National Gypsum Company, Annual General Meeting, Jun 25, 2024, at 19:45 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: ر.س0.16 (vs ر.س0.14 loss in FY 2022) Full year 2023 results: EPS: ر.س0.16 (up from ر.س0.14 loss in FY 2022). Revenue: ر.س51.9m (down 5.2% from FY 2022). Net income: ر.س5.13m (up ر.س9.46m from FY 2022). Profit margin: 9.9% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Dec 28
The National Gypsum Company Announces Committee Changes The National Gypsum Company announced that the Board of Directors has approved the resignation of Mr. Abdul Rahman Ibrahim Al-Mudaimegh from the Audit Committee. Furthermore, the Board of Directors has approved the appointment of Board Member Mr. Saud Abdullah F Al-Thenayan as a replacement for the Audit Committee . Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: ر.س0.29 (vs ر.س0.017 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.29 (up from ر.س0.017 in 3Q 2022). Revenue: ر.س13.2m (up 6.4% from 3Q 2022). Net income: ر.س9.05m (up ر.س8.52m from 3Q 2022). Profit margin: 68% (up from 4.3% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 5.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ر.س0.048 (vs ر.س0.053 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.048 (down from ر.س0.053 in 2Q 2022). Revenue: ر.س14.3m (down 19% from 2Q 2022). Net income: ر.س1.52m (down 8.5% from 2Q 2022). Profit margin: 11% (up from 9.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 12
Full year 2022 earnings released: ر.س0.14 loss per share (vs ر.س0.66 profit in FY 2021) Full year 2022 results: ر.س0.14 loss per share (down from ر.س0.66 profit in FY 2021). Revenue: ر.س54.7m (down 36% from FY 2021). Net loss: ر.س4.34m (down 121% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Director Saud Ahmed Al-Thenayan was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
Second quarter 2022 earnings released: EPS: ر.س0.053 (vs ر.س0.18 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.053 (down from ر.س0.18 in 2Q 2021). Revenue: ر.س17.6m (down 11% from 2Q 2021). Net income: ر.س1.67m (down 71% from 2Q 2021). Profit margin: 9.4% (down from 29% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 27% share price decline to ر.س24.28, the stock trades at a trailing P/E ratio of 78.7x. Average trailing P/E is 29x in the Basic Materials industry in Saudi Arabia. Total returns to shareholders of 120% over the past three years. Reported Earnings • May 26
First quarter 2022 earnings released: EPS: ر.س0.10 (vs ر.س0.45 in 1Q 2021) First quarter 2022 results: EPS: ر.س0.10 (down from ر.س0.45 in 1Q 2021). Revenue: ر.س14.6m (down 46% from 1Q 2021). Net income: ر.س3.20m (down 77% from 1Q 2021). Profit margin: 22% (down from 53% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 05
Full year 2021 earnings released: EPS: ر.س0.66 (vs ر.س1.18 in FY 2020) Full year 2021 results: EPS: ر.س0.66 (down from ر.س1.18 in FY 2020). Revenue: ر.س85.6m (down 20% from FY 2020). Net income: ر.س20.8m (down 44% from FY 2020). Profit margin: 24% (down from 35% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 01
National Gypsum Co. Announces the Distribution of Cash Dividend for the Fiscal Year Ended on 2021 National Gypsum Co. announced the distribution of cash dividend of SAR 1 per share For the fiscal year ended on 2021. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 17% share price gain to ر.س42.00, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 20x in the Basic Materials industry in Saudi Arabia. Total returns to shareholders of 268% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ر.س0.19 (vs ر.س0.30 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س22.1m (down 25% from 3Q 2020). Net income: ر.س6.02m (down 36% from 3Q 2020). Profit margin: 27% (down from 32% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 24
Second quarter 2021 earnings released: EPS ر.س0.18 (vs ر.س0.16 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ر.س19.9m (up 11% from 2Q 2020). Net income: ر.س5.68m (up 9.7% from 2Q 2020). Profit margin: 29% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 18% share price gain to ر.س45.90, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 23x in the Basic Materials industry in Saudi Arabia. Total returns to shareholders of 259% over the past three years. Reported Earnings • May 26
First quarter 2021 earnings released: EPS ر.س0.45 (vs ر.س0.56 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ر.س27.0m (down 23% from 1Q 2020). Net income: ر.س14.2m (down 20% from 1Q 2020). Profit margin: 53% (up from 51% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • May 05
National Gypsum Company Recommends Dividend for the Year 2020, Payable on May 23, 2021 National Gypsum Company at its ordinary general assembly meeting to be held on May 5, 2021 proposed the recommendation to distribute the cash dividends to the shareholders for the year 2020 in the amount of SAR 19,000,000, that is 60 halalas per share, representing 6% of the capital, provided that the eligibility to such dividends shall be with the shareholders holding the shares at the end of the trading on the day of the assembly and those registered in the company's shareholders register with the depository center company at the second trading day following the maturity date, and the dividend distribution date is May 23, 2021. Upcoming Dividend • Apr 21
Upcoming dividend of ر.س0.60 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 23 May 2021. Trailing yield: 1.9%. Lower than top quartile of Saudi dividend payers (4.4%). Lower than average of industry peers (5.1%). Reported Earnings • Mar 31
Full year 2020 earnings released: EPS ر.س1.18 (vs ر.س0.34 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س107.1m (up 53% from FY 2019). Net income: ر.س37.2m (up 241% from FY 2019). Profit margin: 35% (up from 16% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 12
New 90-day high: ر.س30.30 The company is up 14% from its price of ر.س26.50 on 12 November 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 19% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ر.س41.6m, up 400% from the prior year. Total revenue was ر.س107.3m over the last 12 months, up 83% from the prior year. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 17% share price decline to ر.س23.26, the stock is trading at a trailing P/E ratio of 18.8x, down from the previous P/E ratio of 22.7x. This compares to an average P/E of 18x in the Basic Materials industry in Saudi Arabia. Total returns to shareholders over the past three years are 109%. Is New 90 Day High Low • Oct 06
New 90-day high: ر.س25.20 The company is up 56% from its price of ر.س16.18 on 08 July 2020. The Saudi market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 17% over the same period. 
