Obeikan Glass profit surges to SAR 173.7 mln in 2021

07/03/2022 Argaam Exclusive

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Obeikan Glass Co.’s net profit rose to SAR 173.7 million for 2021, from SAR 17.3 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	261.33	463.24	77.3 %
Gross Income	77.68	251.45	223.7 %
Operating Income	21.30	186.23	774.4 %
Net Income	17.30	173.68	904.2 %
Average Shares	32.00	32.00	-
EPS (Riyals)	0.54	5.43	904.2 %

The profit growth was driven by an increase in sales resulting from higher demand and selling prices, in addition to the company’s expansion in new markets and lower financing costs.

This was partially offset by higher general and administrative expenses, other expenses and Zakat expense.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	164.69	259.43	57.5 %
Gross Income	50.58	159.68	215.7 %
Operating Income	18.87	126.60	571.1 %
Net Income	18.39	118.01	541.6 %
Average Shares	32.00	32.00	-
EPS (Riyals)	0.57	3.69	541.6 %

Item	H1 2021	H2 2021	Change‬
Revenues	203.81	259.43	27.3 %
Gross Income	91.76	159.68	74.0 %
Operating Income	59.63	126.60	112.3 %
Net Income	55.67	118.01	112.0 %
Average Shares	32.00	32.00	-
EPS (Riyals)	1.74	3.69	112.0 %

Total shareholders’ equity, excluding minority interests, grew to SAR 417.8 million as of Dec. 31, 2021, from SAR 267.7 million a year earlier.

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