Zoujaj 2023 profit down 54% to SAR 47.9M; Q4 at SAR 26.2M

26/03/2024 Argaam Exclusive

The National Co. for Glass Industries (Zoujaj) reported a 54% decline in net profit to SAR 47.9 million for 2023, compared to SAR 104.3 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 112.32 153.92 37.0 %
Gross Income 3.43 35.19 925.2 %
Operating Income (11.30) 18.05 259.7 %
Net Income 104.33 47.88 (54.1 %)
Average Shares 32.90 32.90 -
EPS (Riyals) 3.17 1.46 (54.1 %)

The profit decline was attributed to lower profit share from the company’s joint venture in the float glass segment due to maintenance and development at Saudi Guardian International Float Glass Company Limited in Jubail. This was partially offset by higher operating profit in glass container segment.

 

This came despite an increase in revenue due tohigher prices and sale quantities.

 

The fourth-quarter net profit surged124.6% to SAR 26.21 million from SAR 11.67 million in Q4 2022.

 

Sequentially, the Q4 bottom line grew significantly from SAR 12.72 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 30.89 39.44 27.7 %
Gross Income (2.86) 9.09 418.2 %
Operating Income (7.28) 2.14 129.5 %
Net Income 11.67 26.19 124.4 %
Average Shares 32.90 32.90 -
EPS (Riyals) 0.35 0.80 124.4 %

Shareholders’ equity, no minority interest, stood at SAR 721.6 million by the end of Dec. 31, 2023, compared to SAR 691.7 million in the year-earlier period.

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Share Price

The National Company for Glass Industries
57.00
1.60 2.89 %

The National Company for Glass Industries (ZOUJAJ)

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Financial Ratios
Current
Market Cap (M Riyal) 1,875.30
Enterprise Value (EV) (M) 1,866.73
Shares Outstanding ((M)) 32.90
EPS ( Riyal) (TTM) 3.07
Book Value (BV) ( Riyal) 23.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.56
P/E (TTM) 18.56
Price/book 2.47
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 13.9
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