Zoujaj profit surges to SAR 104.3 mln in 2022; Q4 falls 5% to SAR 11.6 mln

09/03/2023 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit of SAR 104.3 million in 2022, compared to SAR 51.1 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	86.93	112.32	29.2 %
Gross Income	2.79	3.43	23.0 %
Operating Income	(14.27)	(11.30)	20.8 %
Net Income	51.12	104.33	104.1 %
Average Shares	32.90	32.90	-
EPS (Riyals)	1.55	3.17	104.1 %

The profit growth was spurred by an increase in the company’s profit share from the joint ventures operating in the float glass sector, backed by their better financial performance.

Zoujaj also reported higher sales revenue and lower losses from glass container operations, due to better financial performance.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	28.62	30.89	7.9 %
Gross Income	0.09	(2.86)	(3204.3 %)
Operating Income	(5.96)	(7.28)	(22.0 %)
Net Income	12.22	11.67	(4.5 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.37	0.35	(4.5 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	30.46	30.89	1.4 %
Gross Income	(0.87)	(2.86)	(227.9 %)
Operating Income	(4.70)	(7.28)	(54.7 %)
Net Income	20.29	11.67	(42.5 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.62	0.35	(42.5 %)

The fourth-quarter 2022 net profit fell 5% to SAR 11.64 million from SAR 12.22 million in Q4 2021.

Zoujaj’s Q4 2022 net profit declined 42.6% from SAR 20.29 million in Q3 2022.

Total shareholders’ equity, no minority interest, increased to SAR 691.7 million as of Dec. 31, 2022, from SAR 640.2 million a year earlier.

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