Obeikan Glass Co. posted a 2% rise in 2022 net profit to SAR 177.7 million, from SAR 173.7 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 463.24 | 502.18 | 8.4 % |
| Gross Income | 251.45 | 256.20 | 1.9 % |
| Operating Income | 186.23 | 187.80 | 0.8 % |
| Net Income | 173.68 | 177.65 | 2.3 % |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 5.43 | 5.55 | 2.3 % |
The profit growth was backed by higher product prices amid better demand and the company’s expansion in new markets. The glass manufacturer also reported a decline in finance costs, as well as selling and distribution expenses.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 133.12 | 111.89 | (16.0 %) |
| Gross Income | 80.06 | 40.17 | (49.8 %) |
| Operating Income | 62.88 | 21.68 | (65.5 %) |
| Net Income | 56.66 | 23.22 | (59.0 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 1.77 | 0.73 | (59.0 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 129.75 | 111.89 | (13.8 %) |
| Gross Income | 66.03 | 40.17 | (39.2 %) |
| Operating Income | 51.08 | 21.68 | (57.5 %) |
| Net Income | 49.26 | 23.22 | (52.9 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 1.54 | 0.73 | (52.9 %) |
In Q4 2022, net profit fell by 59% to SAR 23.2 million, from SAR 56.80 million in Q4 2021.
The fourth-quarter net profit also dropped 52.9% from SAR 49.26 million in Q3 2022.
Shareholders’ equity, no minority interest, declined to SAR 535.86 million as of Dec. 31, 2022, from SAR 417.81 million a year earlier.
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