Obeikan Glass profit up 2% to SAR 177.7 mln in 2022; Q4 down 59% to SAR 23.2 mln

22/03/2023 Argaam Exclusive

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Obeikan Glass Co. posted a 2% rise in 2022 net profit to SAR 177.7 million, from SAR 173.7 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	463.24	502.18	8.4 %
Gross Income	251.45	256.20	1.9 %
Operating Income	186.23	187.80	0.8 %
Net Income	173.68	177.65	2.3 %
Average Shares	32.00	32.00	-
EPS (Riyals)	5.43	5.55	2.3 %

The profit growth was backed by higher product prices amid better demand and the company’s expansion in new markets. The glass manufacturer also reported a decline in finance costs, as well as selling and distribution expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	259.43	241.64	(6.9 %)
Gross Income	159.68	106.20	(33.5 %)
Operating Income	126.60	72.76	(42.5 %)
Net Income	118.01	72.48	(38.6 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	3.69	2.27	(38.6 %)

Item	H1 2022	H2 2022	Change‬
Revenues	260.54	241.64	(7.3 %)
Gross Income	149.99	106.20	(29.2 %)
Operating Income	115.04	72.76	(36.7 %)
Net Income	105.17	72.48	(31.1 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	3.29	2.27	(31.1 %)

In Q4 2022, net profit fell by 59% to SAR 23.2 million, from SAR 56.80 million in Q4 2021.

The fourth-quarter net profit also dropped 52.9% from SAR 49.26 million in Q3 2022.

Shareholders’ equity, no minority interest, declined to SAR 535.86 million as of Dec. 31, 2022, from SAR 417.81 million a year earlier.

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