Obeikan Glass Co. posted a 64% drop in 2023 net profit to SAR 64 million, from SAR 177.7 million in the previous year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 502.18 | 393.98 | (21.5 %) |
| Gross Income | 256.20 | 149.70 | (41.6 %) |
| Operating Income | 187.80 | 76.81 | (59.1 %) |
| Net Income | 177.65 | 67.67 | (61.9 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 5.55 | 2.11 | (61.9 %) |
The company’s revenues took a hit during 2023 as average selling prices for its products declined in line with the global weakness in prices.
In addition, the bottomline was affected by an increase in general and administrative expenses as the company entered a new investment, leading to a share in founding costs and pre-operational expenses and as subsidiary Saudi Aluminum Casting Foundry’s financial statements were consolidated with Obeikan Glass, resulting in additional expenses to reflect on the company's income statement in the fourth quarter.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 111.89 | 84.01 | (24.9 %) |
| Gross Income | 40.17 | 29.83 | (25.8 %) |
| Operating Income | 21.68 | 1.21 | (94.4 %) |
| Net Income | 23.22 | (4.07) | (117.5 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 0.73 | (0.13) | (117.5 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 93.81 | 84.01 | (10.4 %) |
| Gross Income | 31.05 | 29.83 | (3.9 %) |
| Operating Income | 18.10 | 1.21 | (93.3 %) |
| Net Income | 17.69 | (4.07) | (123.0 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 0.55 | (0.13) | (123.0 %) |
Obeikan Glass turned to net loss of SAR 7.7 million in Q4 2023, versus a profit of SAR 23.22 million in Q4 2022.
The company had reported a net profit of SAR 17.69 in Q3 2023.
Shareholders’ equity, no minority interest, rose to SAR 601.99 million as of Dec. 31, 2023, from SAR 535.86 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2020 |
96.65 |
(1.10) |
(0.03) |
|
H2 2020 |
164.68 |
18.39 |
0.57 |
|
H1 2021 |
203.81 |
55.67 |
1.74 |
|
H2 2021 |
259.43 |
118.01 |
3.69 |
|
H1 2022 |
260.54 |
105.17 |
3.29 |
|
H2 2022 |
241.64 |
72.48 |
2.26 |
|
H1 2023 |
216.16 |
54.04 |
1.69 |
|
H2 2023 |
177.82 |
9.99 |
0.31 |
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