National Gypsum inks $8mln deal to increase production

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National Gypsum Company penned a SAR 30 million contract to develop and update its gypsum board production line at its factory in Riyadh.

The listed company inked the deal with Lvjoe Machinery Manufacturing Group on 27 December 2023, according to a bourse disclosure.

The partnership aligns with the National Gypsum’s plans to keep pace with the latest technical advancements and production of up to 15 million square metres annually.

National Gypsum underlined that the agreement holds a tenor of nine months, adding that it will unveil further details at a later time.

In the first nine months (9M) of 2023, the Tadawul-listed firm posted net profits after Zakat and tax valued at SAR 11.12 million, an annual surge of 235.95% from SAR 3.31 million.

Revenues declined by 8.46% to SAR 40.90 million in 9M-23 from SAR 44.68 million a year earlier, while the earnings per share (EPS) grew to SAR 0.35 from SAR 0.10.