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 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	37.09	39.40	6.2 %
Gross Income	9.76	7.70	(21.1 %)
Operating Income	7.10	4.19	(41.0 %)
Net Income	8.59	0.38	(95.6 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.26	0.01	(95.6 %)

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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