Obeikan Glass profit drops 64% to SAR 64M in 2023; Q4 loss at SAR 7.7M

03/03/2024 Argaam Exclusive

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Obeikan Glass Co. posted a 64% drop in 2023 net profit to SAR 64 million, from SAR 177.7 million in the previous year.

Financials (M)

Item	2022	2023	Change‬
Revenues	502.18	393.98	(21.5 %)
Gross Income	256.20	149.70	(41.6 %)
Operating Income	187.80	76.81	(59.1 %)
Net Income	177.65	67.66	(61.9 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	5.55	2.11	(61.9 %)

The company’s revenues took a hit during 2023 as average selling prices for its products declined in line with the global weakness in prices.

In addition, the bottomline was affected by an increase in general and administrative expenses as the company entered a new investment, leading to a share in founding costs and pre-operational expenses and as subsidiary Saudi Aluminum Casting Foundry’s financial statements were consolidated with Obeikan Glass, resulting in additional expenses to reflect on the company's income statement in the fourth quarter.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	241.64	177.82	(26.4 %)
Gross Income	106.20	60.88	(42.7 %)
Operating Income	72.76	19.31	(73.5 %)
Net Income	72.48	13.62	(81.2 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	2.27	0.43	(81.2 %)

Item	H1 2023	H2 2023	Change‬
Revenues	216.16	177.82	(17.7 %)
Gross Income	88.82	60.88	(31.5 %)
Operating Income	57.50	19.31	(66.4 %)
Net Income	54.04	13.62	(74.8 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	1.69	0.43	(74.8 %)

Obeikan Glass turned to net loss of SAR 7.7 million in Q4 2023, versus a profit of SAR 23.22 million in Q4 2022.

The company had reported a net profit of SAR 17.69 in Q3 2023.

Shareholders’ equity, no minority interest, rose to SAR 601.99 million as of Dec. 31, 2023, from SAR 535.86 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	96.65	(1.10)	(0.03)
H2 2020	164.68	18.39	0.57
H1 2021	203.81	55.67	1.74
H2 2021	259.43	118.01	3.69
H1 2022	260.54	105.17	3.29
H2 2022	241.64	72.48	2.26
H1 2023	216.16	54.04	1.69
H2 2023	177.82	9.99	0.31

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