Zoujaj 2023 profit down 54% to SAR 47.9M; Q4 at SAR 26.2M

26/03/2024 Argaam Exclusive

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The National Co. for Glass Industries (Zoujaj) reported a 54% decline in net profit to SAR 47.9 million for 2023, compared to SAR 104.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	112.32	153.92	37.0 %
Gross Income	3.43	35.19	925.2 %
Operating Income	(11.30)	18.05	259.7 %
Net Income	104.33	47.88	(54.1 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	3.17	1.46	(54.1 %)

The profit decline was attributed to lower profit share from the company’s joint venture in the float glass segment due to maintenance and development at Saudi Guardian International Float Glass Company Limited in Jubail. This was partially offset by higher operating profit in glass container segment.

This came despite an increase in revenue due tohigher prices and sale quantities.

The fourth-quarter net profit surged124.6% to SAR 26.21 million from SAR 11.67 million in Q4 2022.

Sequentially, the Q4 bottom line grew significantly from SAR 12.72 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	30.89	39.44	27.7 %
Gross Income	(2.86)	9.09	418.2 %
Operating Income	(7.28)	2.14	129.5 %
Net Income	11.67	26.19	124.4 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.35	0.80	124.4 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	37.99	39.44	3.8 %
Gross Income	8.65	9.09	5.1 %
Operating Income	5.36	2.14	(60.0 %)
Net Income	12.72	26.19	105.8 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.39	0.80	105.8 %

Shareholders’ equity, no minority interest, stood at SAR 721.6 million by the end of Dec. 31, 2023, compared to SAR 691.7 million in the year-earlier period.

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