Obeikan Glass profit slumps 57% to SAR 23.1M in H1 2024

25/08/2024 Argaam Exclusive

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Obeikan Glass Co. posted a 57% slump in H1 2024 net profits to SAR 23.1 million, from SAR 54 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	216.16	167.13	(22.7 %)
Gross Income	88.82	59.87	(32.6 %)
Operating Income	57.50	21.61	(62.4 %)
Net Income	54.04	23.07	(57.3 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	1.69	0.72	(57.3 %)

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.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	216.16	167.13	(22.7 %)
Gross Income	88.82	59.87	(32.6 %)
Operating Income	57.50	21.61	(62.4 %)
Net Income	54.04	23.07	(57.3 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	1.69	0.72	(57.3 %)

Item	H2 2023	H1 2024	Change‬
Revenues	177.82	167.13	(6.0 %)
Gross Income	60.88	59.87	(1.7 %)
Operating Income	19.31	21.61	11.9 %
Net Income	13.62	23.07	69.4 %
Average Shares	32.00	32.00	-
EPS (Riyals)	0.43	0.72	69.4 %

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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