Obeikan Glass Co. reported a net profit of SAR 71.73 million for the first nine months of 2023, a fall of 53.5% from SAR 154.43 million in the year-ago period.
This was attributed to lower selling prices as well as higher costs of raw materials and general and administrative expenses.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 390.29 | 309.97 | (20.6 %) |
| Gross Income | 216.02 | 119.87 | (44.5 %) |
| Operating Income | 166.12 | 75.60 | (54.5 %) |
| Net Income | 154.43 | 71.73 | (53.6 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 4.83 | 2.24 | (53.6 %) |
The third-quarter net profit fell 64% to SAR 17.7 million from SAR 49.26 million in Q3 2022, due to lower selling prices as well as higher costs of raw materials and general and administrative expenses.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 129.75 | 93.81 | (27.7 %) |
| Gross Income | 66.03 | 31.05 | (53.0 %) |
| Operating Income | 51.08 | 18.10 | (64.6 %) |
| Net Income | 49.26 | 17.69 | (64.1 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 1.54 | 0.55 | (64.1 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 102.69 | 93.81 | (8.6 %) |
| Gross Income | 41.79 | 31.05 | (25.7 %) |
| Operating Income | 27.28 | 18.10 | (33.6 %) |
| Net Income | 24.23 | 17.69 | (27.0 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 0.76 | 0.55 | (27.0 %) |
Compared to Q2 2023, the company’s net profit decreased by 27% from SAR 24.23 million.
Shareholders’ equity, after minority interest, increased to SAR 605.71 million as of Sept. 30, 2023, from SAR 524.24 million a year earlier.
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