Saudi Arabia: National Gypsum Company (NGCO) has announced that its net income fell by 44% in the financial year ending 31 December 2011 compared to 2010. The company reported an income of US$14m in 2010 compared to US$7.9m in 2011.
Gross profit in 2011 fell by 37%, to US$11m from US$17m in 2010. Income from operations declined by 42% in 2011 to US$8.2m from US$14m in 2010.
For the fourth quarter of 2011 net income fell by 48% compared to the same quarter in 2010, dropping from US$2.1m to US$1.1m. Net income fell by 3% in the fourth quarter of 2011 compared to the third quarter of 2011. Gross profit for the fourth quarter fell by 34% compared to 2010, falling from US$3.3m to US$2.2m. Income from operations for the fourth quarter fell by 38% compared to 2010, dropping from US$2.6m to US$1.6m
NGCO has attributed the reason for these decreases to net income, gross profit and income from operation to increased competition.
