Obeikan Glass profit drops 49% to SAR 54 mln in H1 2023; Q2 at SAR 24.2 mln

08/08/2023 Argaam Exclusive

View other reports

Obeikan Glass Co. reported a net profit of SAR 54 million for the first half of 2023, dropping 49% from SAR 105.2 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	260.54	216.16	(17.0 %)
Gross Income	149.99	88.82	(40.8 %)
Operating Income	115.04	57.50	(50.0 %)
Net Income	105.17	54.04	(48.6 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	3.29	1.69	(48.6 %)

The profit decline was due to lower selling prices, higher cost of raw materials as well as an increase in general and administrative expenses.

The second-quarter net earnings dropped 56.8% to SAR 24.23 million, compared with SAR 56.11 million a year before.

Compared with Q1 2023, the second-quarter net earnings fell 18.7% from SAR 29.81 million.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	260.54	216.16	(17.0 %)
Gross Income	149.99	88.82	(40.8 %)
Operating Income	115.04	57.50	(50.0 %)
Net Income	105.17	54.04	(48.6 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	3.29	1.69	(48.6 %)

Item	H2 2022	H1 2023	Change‬
Revenues	241.64	216.16	(10.5 %)
Gross Income	106.20	88.82	(16.4 %)
Operating Income	72.76	57.50	(21.0 %)
Net Income	72.48	54.04	(25.4 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	2.27	1.69	(25.4 %)

Total shareholders’ equity, no minority interest, stood at SAR 588.02 million by the end of the six-month period, up from SAR 522.98 million in the prior-year period.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×