Zoujaj turns to losses of SAR 8 mln in H1 2020

28/07/2020 Argaam Exclusive

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The National Company for Glass Industries (ZOUJAJ) reported a net loss after Zakat and tax of SAR 7.8 million for the first half of 2020, compared to a net profit of SAR 3.2 million a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	46.37	41.13	(11.3 %)
Gross Income	8.73	3.39	(61.2 %)
Operating Income	3.05	(1.73)	(156.6 %)
Net Income	3.21	(7.78)	(342.2 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.10	(0.24)	(342.2 %)

The losses were attributed to lower operating profit for glass containers as a result of lower sales due to the COVID-19 precautionary measures, as well as lower profit share from the associated company operating in float glass.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	20.40	19.01	(6.8 %)
Gross Income	2.24	0.90	(59.9 %)
Operating Income	(0.48)	(1.61)	(237.7 %)
Net Income	(1.41)	(10.07)	(612.4 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.04)	(0.31)	(612.4 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	22.11	19.01	(14.0 %)
Gross Income	2.49	0.90	(63.8 %)
Operating Income	0.06	(1.61)	(2617.2 %)
Net Income	2.29	(10.07)	(540.1 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.07	(0.31)	(540.1 %)

In Q2, the company’s net loss widened to SAR 10.1 million versus SAR 1.4 million in the year earlier period due to lower operating profit for glass containers, and lower profit share from the associated company operating in float glass.

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