Obeikan Glass Co. posted a 61% slump in H1 2024 net profits to SAR 20.9 million, from SAR 54 million in the prior-year period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 216.16 | 167.10 | (22.7 %) |
| Net Income | 54.04 | 20.90 | (61.3 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 1.69 | 0.65 | (61.3 %) |
The first-half net earnings were hurt by lower revenue, due to a decline in average product selling prices amid a global price downturn.
The company also reported an increase of SAR 5.3 million in general and administrative expenses, on new investments. It incurred founding costs and pre-operational expenses for its investment in the subsidiary, Saudi Aluminum Casting Foundry, due to the accounting treatment of this investment by consolidation of financial statements. The move resulted in additional expenses reflected on Obeikan Glass’ income statement in the first half.
Shareholders’ equity, after minority interest, declined to SAR 564.7 million as of June 30, 2024, from SAR 588 million a year earlier.
The company’s shareholders approved, on Nov. 23, 2023, the board’s proposal for raising capital by 33.33% through a one-for-three bonus issue to SAR 320 million from SAR 240 million.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
Earnings Per Share (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 |
|
H1 2024 |
167.10 |
20.90 |
0.65 |
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