National Gypsum Company was founded in 1959 to manufacture building materials. It is 100 per cent owned by private investors. The company owns one-third of the Qatar Saudi Gypsum Company. It also has a small minority stake in Tabuk Cement Company.

The company produces and trades in plasterboard, agricultural gypsum, tiles and other building materials. Its factory is situated in the Al-Kharj industrial estate southeast of Riyadh and, by the end of 1997, had a total capacity of 500,000 tonnes a year (t/y).

Gypsum production reached 420,000 t/y in 1997, a 55 per cent rise on the previous year. National Gypsum also manufactured some 11.5 million square meters of plasterboard in 1997, almost double the 5.8 million square meters produced in 1996.

National Gypsum Company has been profitable for more than a decade with earnings reaching a peak of almost SR 50 million ($13 million) in 1994. Profits weakened in 1996 but improved again in 1997, and the company is still managing to record a profit margin of more than 30 per cent.

National Gypsum recorded net earnings in 1997 of SR 43 million ($11.5 million), a 12 per cent rise on the SR 38.4 million ($10.2 million) reported in 1996. A 7 per cent increase in sales to SR 114.8 million ($30.

6 million) provided the main stimulus for the improved earnings. In 1998, sales edged lower to SR 113 million ($30 million). Net profits in the year fell by almost 15 per cent to SR 36.7 million ($10 million).

The company declared an unchanged 10 per cent dividend for the year. Recent developments include the start of production at the Yanbu gypsum and plasterboard factories. They have capacity of 150,000 t/y of gypsum and 6 million meters a year of board.

Other developments include establishing a specialized gypsum product factory with capacity of about 50,000 t/y.

Individuals	N/A
Institutions	N/A
Floating	N/A
Government	N/A

	2004	2003	2002
Total Assets	443,604	407,819	368,217
Shareholder's Equity	323,194	291,268	277,048
NIAT	106,921	87,271	79,710
Dividends	N/A	71,250	40,000

	2004	2003	2002
Assets Growth	8.78%	10.76%	3.61%
Earning Growth	22.52%	9.49%	20.85%
ROaA	25.12%	22.49%	22.03%
ROaE	34.80%	30.71%	30.81%
No. Of Shares	4,750,000	4,750,000	4,000,000
EPS	22.51	18.37	19.93
EPS Growth	22.52%	9.49%	20.85%
Payout Ratio	N/A	81.642	50.182

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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