Zoujaj net profit surges to SAR 72.4 mln in H1 2022; Q2 at SAR 37.1 mln

27/07/2022 Argaam Exclusive

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The National Co. for Glass Industries (Zoujaj) reported a net profit after Zakat and tax of SAR 72.4 million for the first half of 2022, a rise of over three times from SAR 19.8 million in the corresponding period last year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	38.79	50.97	31.4 %
Gross Income	2.78	7.16	158.1 %
Operating Income	(3.11)	0.68	121.9 %
Net Income	19.84	72.37	264.7 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.60	2.20	264.7 %

The increase in net profit was backed by the company’s higher profit share from associates operating in the float glass sector, in addition to better revenue and operating profit of the core glass container business activity.

In Q2 2022, net profit after Zakat and tax skyrocketed to SAR 37.1 million, compared to SAR 10 million a year earlier.

Sequentially, net profit jumped 5.2% from SAR 35.28 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	16.75	22.70	35.5 %
Gross Income	0.64	2.29	255.9 %
Operating Income	(2.78)	(0.91)	67.2 %
Net Income	10.05	37.09	269.2 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.31	1.13	269.2 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	28.28	22.70	(19.7 %)
Gross Income	4.88	2.29	(53.1 %)
Operating Income	1.59	(0.91)	(157.2 %)
Net Income	35.28	37.09	5.1 %
Average Shares	32.90	32.90	-
EPS (Riyals)	1.07	1.13	5.1 %

Total shareholders’ equity, after minority interest, rose to SAR 679.7 million as of June 30, 2022, from SAR 610.2 million a year earlier.

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