Zoujaj swings to profit of SAR 51.1 mln in 2021; Q4 at SAR 11.7 mln

30/03/2022 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) turned to a net profit after Zakat and tax of SAR 51.1 million in 2021, compared to a net loss after Zakat and tax of SAR 11 million in 202.

Financials (M)

Item	2020	2021	Change‬
Revenues	73.31	86.93	18.6 %
Gross Income	(2.26)	2.79	223.8 %
Operating Income	(14.87)	(14.27)	4.1 %
Net Income	(11.04)	51.12	563.2 %
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.34)	1.55	563.2 %

The earnings were driven by an increase in profit share from joint ventures operating in the float glass segment, on better financial performance.

The company swung to a net profit after Zakat and tax of SAR 11.7 million in Q4 2021, compared to a net loss after Zakat and tax of SAR 5.85 million in the year-earlier period.

Sequentially, net profit fell 41.7% from SAR 20.13 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	15.96	28.62	79.4 %
Gross Income	(5.74)	0.09	101.6 %
Operating Income	(10.56)	(5.96)	43.5 %
Net Income	(5.89)	12.22	307.5 %
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.18)	0.37	307.5 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	19.52	28.62	46.6 %
Gross Income	(0.07)	0.09	224.3 %
Operating Income	(5.20)	(5.96)	(14.8 %)
Net Income	19.05	12.22	(35.9 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.58	0.37	(35.9 %)

Total shareholders’ equity, excluding minority rights, amounted to SAR 640.2 million in 2021, compared to SAR 590.3 million in 2020.

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