The National Company for Glass Industries (ZOUJAJ) reported a net loss after Zakat and tax of SAR 7.8 million for the first half of 2020, compared to a net profit of SAR 3.2 million a year earlier.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 46.37 | 41.13 | (11.3 %) |
| Gross Income | 8.73 | 3.39 | (61.2 %) |
| Operating Income | 3.05 | (1.73) | (156.6 %) |
| Net Income | 3.21 | (7.78) | (342.2 %) |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.10 | (0.24) | (342.2 %) |
The losses were attributed to lower operating profit for glass containers as a result of lower sales due to the COVID-19 precautionary measures, as well as lower profit share from the associated company operating in float glass.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 20.40 | 19.01 | (6.8 %) |
| Gross Income | 2.24 | 0.90 | (59.9 %) |
| Operating Income | (0.48) | (1.61) | (237.7 %) |
| Net Income | (1.41) | (10.07) | (612.4 %) |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | (0.04) | (0.31) | (612.4 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 22.11 | 19.01 | (14.0 %) |
| Gross Income | 2.49 | 0.90 | (63.8 %) |
| Operating Income | 0.06 | (1.61) | (2617.2 %) |
| Net Income | 2.29 | (10.07) | (540.1 %) |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.07 | (0.31) | (540.1 %) |
In Q2, the company’s net loss widened to SAR 10.1 million versus SAR 1.4 million in the year earlier period due to lower operating profit for glass containers, and lower profit share from the associated company operating in float glass.
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