Zoujaj profit soars to SAR 49.7M in H1 2024; Q2 at SAR 26.7M

25/07/2024 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit surge to SAR 49.7 million in H1 2024, from SAR 8.9 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	76.49	65.89	(13.9 %)
Gross Income	17.46	14.48	(17.0 %)
Operating Income	10.55	4.75	(55.0 %)
Net Income	8.97	49.68	454.0 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.27	1.51	454.0 %

The profit growth was attributed to a higher profit share from associates producing float glass due to the full operation of the Saudi Guardian International Float Glass Co.’s plant.

However, this was offset by fall in sales due to lower production quantities amid production line maintenance activities and the installation of new machineries for improving production quality.

The second-quarter net earnings also skyrocketed to SAR 26.7 million from SAR 380,000 in Q2 2023, driven by a higher profit share from associates producing float glass as Saudi Guardian International Float Glass resumed full operations.

Compared to Q1 2024, the glass manufacturer’s net profit jumped 16.4% from SAR 22.9 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	39.40	34.25	(13.1 %)
Gross Income	7.70	7.10	(7.8 %)
Operating Income	4.19	2.06	(50.8 %)
Net Income	0.38	26.73	6979.7 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.01	0.81	6979.7 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	31.64	34.25	8.3 %
Gross Income	7.39	7.10	(3.9 %)
Operating Income	2.69	2.06	(23.3 %)
Net Income	22.94	26.73	16.5 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.70	0.81	16.5 %

Total shareholders' equity, with no minority interest, reached SAR 754.8 million as of June 30, 2024, up from SAR 700.7 million a year earlier.

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