Zoujaj 9M 2024 profit rises to SAR 74.8M; Q3 at SAR 25.1M

28/10/2024 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit surge to SAR 74.8 million for the first nine months of 2024, from SAR 21.7 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	114.48	102.04	(10.9 %)
Gross Income	26.11	23.82	(8.8 %)
Operating Income	15.91	8.68	(45.5 %)
Net Income	21.69	74.83	245.0 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.66	2.27	245.0 %

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 a fall in sales due to lower production quantities amid production line maintenance activities and the installation of new machinery for improving production quality.

The third-quarter net earnings also surged to SAR 25.10 million from SAR 12.70 million in Q3 2023, driven by a higher profit share from associates producing float glass as Saudi Guardian International Float Glass resumed full operations.

The glass manufacturer’s net profit declined 6.1% quarter-on-quarter (QoQ) from SAR 26.73 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	37.99	36.14	(4.9 %)
Gross Income	8.65	9.34	7.9 %
Operating Income	5.36	3.93	(26.7 %)
Net Income	12.72	25.15	97.7 %
Average Shares	32.90	32.90	-
EPS (Riyals)	0.39	0.76	97.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	34.25	36.14	5.5 %
Gross Income	7.10	9.34	31.6 %
Operating Income	2.06	3.93	90.5 %
Net Income	26.73	25.15	(5.9 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.81	0.76	(5.9 %)

Total shareholders' equity, with no minority interest, reached SAR 760.2 million as of Sept. 30, 2024, from SAR 696.9 million a year earlier.

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