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National Gypsum Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 54.7 | 85.6 | -36.1 | ||
| Gross Profit (Loss) | 7.7 | 34.2 | -77.48 | ||
| Operational Profit (Loss) | -5.7 | 22.1 | - | ||
| Net Profit (Loss) after Zakat and Tax | -4.3 | 20.8 | - | ||
| Total Comprehensive Income | -10.7 | 32.8 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 431.9 | 474.3 | -8.94 | ||
| Profit (Loss) per Share | -0.13 | 0.66 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the decrease in net profit during this year compared to the previous year is due to the decline in the value and quantity of sales in addition to recording unrealized losses from financial investments during this year as a result of the local and foreign financial markets being affected by global events and high interest rates. |
| Statement of the type of external auditor's report | Qualified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | 1- Referring to Note No. (5) and Note No. (25) The property, machinery and equipment of the company includes capital projects under implementation, the balance of which on the date of the financial position amounted to 42 million Saudi riyals, which is represented in the value spent on the installation and operation of the Alpha and Beta factory in the company’s branch in Dammam, where it was not The installation and commissioning works are completed, and it also includes machinery and equipment with an amount of 67 million riyals for the production of gypsum walls, which achieves a net loss annually. There are any necessary adjustments to its book value and the management is currently negotiating with a company specialized abroad in establishing and developing factories in order to develop machines related to the gypsum wall sector. Accordingly, we were unable to determine whether there was a need to prove any impairment in the value of those assets in these accompanying financial statements. 2- Referring to Note No. (11), trade receivables amounted to 37 million Saudi riyals as of December 31, 2022. A provision for expected credit losses amounted to 1.7 million Saudi riyals. We have not been provided with an ECL study. Therefore, we were unable to determine whether adjustments to the trade receivable balance were required. We have conducted our audit in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the “Auditor's Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the firm in accordance with the International Code of Conduct and Ethics for Professional Accountants (including International Independence Standards), endorsed in the Kingdom of Saudi Arabia, that is relevant to our audit of the financial statements, and we have also fulfilled our other behavioral responsibilities in accordance with that charter. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to match the current year's classification. |
| Additional Information | The comprehensive income for the current year amounted to (loss) of 10.72 million riyals compared to (profit) of 32.76 million riyals for the previous year, as a result of the revaluation of the stock portfolio . |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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