Financial Results : Zoujaj profit surges to SAR 22.9M in Q1 2024

Zoujaj profit surges to SAR 22.9M in Q1 2024

30/04/2024 Argaam Exclusive

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National Company for Glass Industries (Zoujaj) reported a net profit of SAR 22.9 million in Q1 2024, up from SAR 8.6 million in the year earlier period, driven by a higher profit from joint venture companies in the float glass sector as Saudi Guardian International Float Glass Co. Ltd. was fully operational during the period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 37.09 31.64 (14.7 %)
Gross Income 9.76 7.39 (24.3 %)
Operating Income 7.10 2.69 (62.1 %)
Net Income 8.59 22.94 167.1 %
Average Shares 32.90 32.90 -
EPS (Riyals) 0.26 0.70 167.1 %

Sales, however, fell due to lower production for installing machines to improve the product quality.

 

On a quarterly basis, net earnings dropped by 12.5% from SAR 26.19 million in Q4 2023 on lower sales and share of profit from JVs.

 

Total shareholders’ equity, no minority interest, stood at SAR 728.1 million as of March 31, 2024, compared to SAR 700.3 million in the prior-year period.

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