Zoujaj 9M 2023 profit down 77% to SAR 21.7 mln; Q3 at SAR 12.7 mln

26/10/2023 Argaam Exclusive

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The National Co. for Glass Industries (Zoujaj) reported a 77% decline in net profit to SAR 21.7 million for the first nine months of 2023, compared to SAR 92.7 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	81.43	114.48	40.6 %
Gross Income	6.29	26.11	315.1 %
Operating Income	(4.02)	15.91	495.4 %
Net Income	92.66	21.69	(76.6 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	2.82	0.66	(76.6 %)

The profit drop was attributed to lower profits from associate companies in the float glass segment due to maintenance at Saudi Guardian International Float Glass Co. In addition, Guardian Zoujaj International Float Glass Co. LLC.’s earnings also slumped.

The third-quarter net profit fell 37% to SAR 12.7 million from SAR 20.3 million in Q3 2022.

Sequentially, the Q3 bottom line surged significantly from SAR 400,000.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	30.46	37.99	24.7 %
Gross Income	(0.87)	8.65	1093.0 %
Operating Income	(4.70)	5.36	213.9 %
Net Income	20.29	12.72	(37.3 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.62	0.39	(37.3 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	39.40	37.99	(3.6 %)
Gross Income	7.70	8.65	12.3 %
Operating Income	4.19	5.36	27.9 %
Net Income	0.38	12.72	3269.9 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.01	0.39	3269.9 %

Shareholders’ equity, no minority interest, stood at SAR 696.9 million by the end of Sept. 30, 2023, compared to SAR 700 million in the year-earlier period.

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