Zoujaj widens loss to SAR 5.1 mln in 9M 2020

21/10/2020 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) widened net loss after Zakat and tax to SAR 5.1 million in the first nine months of 2020, compared to a loss of SAR 3.3 million in the same period last year.

The decline was driven by lower profit share from associate and weak operating profit due to the fallout of COVID-19 pandemic.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	59.95	57.35	(4.3 %)
Gross Income	6.00	3.48	(41.9 %)
Operating Income	(2.17)	(4.32)	(99.1 %)
Net Income	(3.36)	(5.15)	(53.4 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.10)	(0.16)	(53.4 %)

The third-quarter net profit after Zakat and tax stood at SAR 2.6 million, versus net losses of SAR 6.57 million in year-earlier period, thanks to lower operating loss, higher sales, decreased cost of sales and higher profit share from associate.

When compared to previous quarter, Zoujaj turned to profit in Q3 from SAR 10.1 million loss in Q2 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	13.58	16.22	19.4 %
Gross Income	(2.73)	0.10	103.6 %
Operating Income	(5.22)	(2.81)	46.2 %
Net Income	(6.57)	2.64	140.1 %
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.20)	0.08	140.1 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	19.01	16.22	(14.7 %)
Gross Income	0.90	0.10	(89.1 %)
Operating Income	(1.61)	(2.81)	(74.3 %)
Net Income	(10.07)	2.64	126.2 %
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.31)	0.08	126.2 %

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