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

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 %)

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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