Obeikan Glass profit surges to SAR 173.7 mln in 2021
07/03/2022
Argaam Exclusive
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Obeikan Glass Co.’s net profit rose to SAR 173.7 million for 2021, from SAR 17.3 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 261.33 | 463.24 | 77.3 % |
| Gross Income | 77.68 | 251.45 | 223.7 % |
| Operating Income | 21.30 | 186.23 | 774.4 % |
| Net Income | 17.30 | 173.68 | 904.2 % |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 0.54 | 5.43 | 904.2 % |
The profit growth was driven by an increase in sales resulting from higher demand and selling prices, in addition to the company’s expansion in new markets and lower financing costs.
This was partially offset by higher general and administrative expenses, other expenses and Zakat expense.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 164.69 | 259.43 | 57.5 % |
| Gross Income | 50.58 | 159.68 | 215.7 % |
| Operating Income | 18.87 | 126.60 | 571.1 % |
| Net Income | 18.39 | 118.01 | 541.6 % |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 0.57 | 3.69 | 541.6 % |
Total shareholders’ equity, excluding minority interests, grew to SAR 417.8 million as of Dec. 31, 2021, from SAR 267.7 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 203.81 | 110.9 % | 91.76 | 238.6 % | 59.63 | 2351.3 % |
| H2 2021 | 259.43 | 57.5 % | 159.68 | 215.7 % | 126.60 | 571.1 % |
| 2021 | 463.24 | 77.3 % | 251.45 | 223.7 % | 186.23 | 774.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 55.67 | 5165.6 % | 1.74 | - | 55.67 | 1.74 |
| H2 2021 | 118.01 | 541.6 % | 3.69 | (2.98) | 120.99 | 3.78 |
| 2021 | 173.68 | 904.2 % | 5.43 | (2.98) | 176.66 | 5.52 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 38.63 % | 30.79 % | 20.10 % |
| H2 2021 | 54.28 % | 48.27 % | 38.14 % |
| 2021 | 54.28 % | 48.27 % | 38.14 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 32.00 | 2.31 | 2.31 | 10.11 |
| H2 2021 | 32.00 | 5.43 | 5.52 | 13.06 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
| Current | |
| Market Cap (M Riyal) | 1,555.20 |
| Enterprise Value (EV) (M) | 1,513.80 |
| Shares Outstanding ((M)) | 32.00 |
| Book Value (BV) ( Riyal) | 18.81 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 20.83 |
| Price/book | 2.58 |
Share Price
Obeikan Glass Co. (OBEIKAN GLASS)
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