Financial Results : Zoujaj H1 net profit down 88% to SAR 8.9 mln; Q2 at SAR 378,00

Zoujaj H1 net profit down 88% to SAR 8.9 mln; Q2 at SAR 378,00

27/07/2023 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit of SAR 8.9 million in H1 2023, a decline of 88% from SAR 72.4 million in the year-earlier period. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 50.97 76.49 50.1 %
Gross Income 7.16 17.46 143.8 %
Operating Income 0.68 10.55 1449.0 %
Net Income 72.37 8.97 (87.6 %)
Average Shares 32.90 32.90 -
EPS (Riyals) 2.20 0.27 (87.6 %)

The fall in profit was attributed to a decline in the company’s profit share from associates in the float glass business division due to the maintenance works at Saudi Guardian International Float Glass Co. and a profit drop at Guardian Zoujaj International Float Glass Co. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 22.70 39.40 73.6 %
Gross Income 2.29 7.70 237.0 %
Operating Income (0.91) 4.19 560.5 %
Net Income 37.09 0.38 (99.0 %)
Average Shares 32.90 32.90 -
EPS (Riyals) 1.13 0.01 (99.0 %)

The company reported a net profit of SAR 378,000 in Q2 2023 from SAR 37.09 million a year earlier.

 

On a quarterly basis, net earnings dropped by 95.6% from SAR 8.59 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 700.7 million as of June 30, 2023, compared to SAR 679.7 million in a prior-year period.

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