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

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 %)

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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