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

22/08/2022 Argaam Exclusive

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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 %

Item	H2 2021	H1 2022	Change‬
Revenues	259.43	260.54	0.4 %
Gross Income	159.68	149.99	(6.1 %)
Operating Income	126.60	115.04	(9.1 %)
Net Income	118.01	105.17	(10.9 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	3.69	3.29	(10.9 %)

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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