Zoujaj 9M 2022 profit rises to SAR 92.7 mln; Q3 up 6% to SAR 20.3 mln

25/10/2022 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit after Zakat and tax of SAR 92.7 million for the first nine months of 2022, a more than two-fold increase, compared to SAR 38.9 million in the year-earlier period, on an increase in the earnings of associated companies in the float glass sector.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	58.31	81.43	39.7 %
Gross Income	2.70	6.29	132.9 %
Operating Income	(8.30)	(4.02)	51.5 %
Net Income	38.90	92.66	138.2 %
Average Shares	32.90	32.90	-
EPS (Riyals)	1.18	2.82	138.2 %

Q3 2022 net profit after Zakat and tax amounted to SAR 20.3 million, up 6% from SAR 19.1 million, due to increased earnings from associated companies in the float glass sector.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	19.52	30.46	56.0 %
Gross Income	(0.07)	(0.87)	(1,077.0 %)
Operating Income	(5.20)	(4.70)	9.5 %
Net Income	19.05	20.29	6.5 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.58	0.62	6.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	22.70	30.46	34.2 %
Gross Income	2.29	(0.87)	(138.1 %)
Operating Income	(0.91)	(4.70)	(416.9 %)
Net Income	37.09	20.29	(45.3 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	1.13	0.62	(45.3 %)

On a sequential basis, Q3 net profit dropped 45.3% from SAR 37.1 million in Q2 2022.

This profit decline was attributed to lower sales and decreased gross margins of the core glass containers business activity due to higher raw material prices.

Total shareholders’ equity, after minority interest, reached SAR 700 million as of Sept. 30, 2022, compared to SAR 629.2 million in the year-earlier period

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