The National Co. for Glass Industries (Zoujaj) reported a net profit after Zakat and tax of SAR 35.3 million for the first quarter of 2022, more than two-fold increase from a profit of SAR 9.8 million in the same period last year.
The increase in net profit is attributed to higher profit share from associates operating in the float glass sector, in addition to higher revenue and operating profit of the core glass container business activity.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 22.03 | 28.28 | 28.3 % |
| Gross Income | 2.13 | 4.88 | 128.6 % |
| Operating Income | (0.33) | 1.59 | 585.1 % |
| Net Income | 9.79 | 35.28 | 260.2 % |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.30 | 1.07 | 260.2 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 28.62 | 28.28 | (1.2 %) |
| Gross Income | 0.09 | 4.88 | 5200.0 % |
| Operating Income | (5.96) | 1.59 | 126.7 % |
| Net Income | 12.22 | 35.28 | 188.7 % |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.37 | 1.07 | 188.7 % |
Sequentially, Q1 2022 net profit jumped from SAR 11.7 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, rose 2.9% to SAR 659 million as of March 31, 2022, from SAR 640.2 million a year before.
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