The National Co. for Glass Industries (Zoujaj) reported a 77% decline in net profit to SAR 21.7 million for the first nine months of 2023, compared to SAR 92.7 million in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 81.43 | 114.48 | 40.6 % |
| Gross Income | 6.29 | 26.11 | 315.1 % |
| Operating Income | (4.02) | 15.91 | 495.4 % |
| Net Income | 92.66 | 21.69 | (76.6 %) |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 2.82 | 0.66 | (76.6 %) |
The profit drop was attributed to lower profits from associate companies in the float glass segment due to maintenance at Saudi Guardian International Float Glass Co. In addition, Guardian Zoujaj International Float Glass Co. LLC.’s earnings also slumped.
The third-quarter net profit fell 37% to SAR 12.7 million from SAR 20.3 million in Q3 2022.
Sequentially, the Q3 bottom line surged significantly from SAR 400,000.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 30.46 | 37.99 | 24.7 % |
| Gross Income | (0.87) | 8.65 | 1093.0 % |
| Operating Income | (4.70) | 5.36 | 213.9 % |
| Net Income | 20.29 | 12.72 | (37.3 %) |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.62 | 0.39 | (37.3 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 39.40 | 37.99 | (3.6 %) |
| Gross Income | 7.70 | 8.65 | 12.3 % |
| Operating Income | 4.19 | 5.36 | 27.9 % |
| Net Income | 0.38 | 12.72 | 3269.9 % |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.01 | 0.39 | 3269.9 % |
Shareholders’ equity, no minority interest, stood at SAR 696.9 million by the end of Sept. 30, 2023, compared to SAR 700 million in the year-earlier period.
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