Obeikan Glass net profit up 89% to SAR 105.2 mln in H1 2022

22/08/2022 Argaam Exclusive

Obeikan Glass Co. reported a net profit after Zakat and tax of SAR 105.2 million for the first half of 2022, increasing from SAR 55.7 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 203.81 260.54 27.8 %
Gross Income 91.76 149.99 63.5 %
Operating Income 59.63 115.04 92.9 %
Net Income 55.67 105.17 88.9 %
Average Shares 32.00 32.00 -
EPS (Riyals) 1.74 3.29 88.9 %

The profit increase was driven by higher sales volume as a result of continued demand for the company's products, in addition to the decrease in financing costs despite the increase in general and administrative expenses and other expenses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 203.81 260.54 27.8 %
Gross Income 91.76 149.99 63.5 %
Operating Income 59.63 115.04 92.9 %
Net Income 55.67 105.17 88.9 %
Average Shares 32.00 32.00 -
EPS (Riyals) 1.74 3.29 88.9 %

Total shareholders’ equity, after minority interest, stood at SAR 522.98 million by the end of the six-month period, from SAR 323.40 million in the prior-year period.

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Share Price

Obeikan Glass Co.
47.95
(0.65) (1.34 %)

Obeikan Glass Co. (OBEIKAN GLASS)

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Financial Ratios
Current
Market Cap (M Riyal) 1,534.40
Enterprise Value (EV) (M) 1,493.00
Shares Outstanding ((M)) 32.00
Book Value (BV) ( Riyal) 18.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.55
Price/book 2.55
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