Zoujaj net profit more than doubles in 9M 2017

24/10/2017 Argaam Exclusive

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Share Price

The National Company for Glass Industries (ZOUJAJ)

National Company for Glass Industries’ (Zoujaj) net profit more than doubled for the first nine months of 2017 to SAR 67.6 million, compared to SAR 30 million in the same period last year, thanks to the company’s higher profit share in float glass affiliates, along with profit from acquisition deals.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	83.58	94.62	13.2 %
Gross Income	23.92	23.84	(0.3 %)
Operating Income	14.99	13.81	(7.9 %)
Net Income	30.00	67.58	125.3 %
Average Shares	30.00	32.18	7.3 %
EPS (Riyals)	1.00	2.10	110.1 %

Net profit for the third quarter more than trebled YoY to SAR 14.8 million, due to a rise in sales of glass bottles. Also, stoppage of glass bottle production incurred no costs.

The Q3 net profit, however, plunged by 61 percent when compared to the previous quarter, affected by lower profit margins on glass bottles and lower prices amid tough market conditions.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	17.01	31.67	86.2 %
Gross Income	2.34	5.57	138.0 %
Operating Income	(0.41)	2.25	642.5 %
Net Income	4.70	14.78	214.2 %
Average Shares	30.00	32.18	7.3 %
EPS (Riyals)	0.16	0.46	193.0 %

Item	Q2 2017	Q3 2017	Change‬
Revenues	26.49	31.67	19.6 %
Gross Income	7.21	5.57	(22.7 %)
Operating Income	4.29	2.25	(47.6 %)
Net Income	37.61	14.78	(60.7 %)
Average Shares	32.18	32.18	-
EPS (Riyals)	1.17	0.46	(60.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	26.65	5.0 %	12.11	18.0 %	25.34	20.4 %	0.84
Q2 2008	27.80	0.1 %	10.24	1.2 %	19.77	2.5 %	0.66
Q3 2008	28.17	1.6 %	10.83	1.8 %	22.07	4.2 %	0.74
Q4 2008	25.89	2.0 %	9.40	(10.5 %)	0.52	(97.2 %)	0.02
2008	108.52	2.1 %	42.58	2.6 %	67.70	(15.8 %)	2.26
Q1 2009	36.12	35.5 %	19.03	57.1 %	20.61	(18.7 %)	0.69
Q2 2009	31.76	14.2 %	15.76	53.9 %	10.35	(47.6 %)	0.35
Q3 2009	26.74	(5.1 %)	13.68	26.4 %	9.95	(54.9 %)	0.33
Q4 2009	27.70	7.0 %	12.65	34.5 %	4.60	780.3 %	0.15
2009	122.32	12.7 %	61.11	43.5 %	45.53	(32.7 %)	1.52
Q1 2010	30.22	(16.3 %)	13.88	(27.0 %)	17.43	(15.4 %)	0.58
Q2 2010	28.29	(10.9 %)	12.22	(22.4 %)	18.96	83.2 %	0.63
Q3 2010	24.67	(7.7 %)	10.72	(21.7 %)	20.20	102.9 %	0.67
Q4 2010	27.62	(0.3 %)	13.15	3.9 %	14.46	214.1 %	0.48
2010	110.80	(9.4 %)	49.97	(18.2 %)	71.05	56.1 %	2.37
Q1 2011	31.66	4.7 %	13.19	(5.0 %)	24.96	43.2 %	0.83
Q2 2011	32.76	15.8 %	12.16	(0.5 %)	29.70	56.7 %	0.99
Q3 2011	27.17	10.1 %	9.45	(11.9 %)	21.15	4.7 %	0.70
Q4 2011	26.39	(4.5 %)	8.84	(32.8 %)	5.32	(63.3 %)	0.18
2011	117.97	6.5 %	43.63	(12.7 %)	81.11	14.2 %	2.70
Q1 2012	25.58	(19.2 %)	9.82	(25.5 %)	17.71	(29.1 %)	0.59
Q2 2012	30.06	(8.2 %)	12.14	(0.1 %)	15.86	(46.6 %)	0.53
Q3 2012	26.47	(2.6 %)	9.84	4.1 %	11.67	(44.8 %)	0.39
Q4 2012	30.65	16.1 %	10.04	13.6 %	(1.58)	(129.7 %)	(0.05)
2012	112.75	(4.4 %)	41.83	(4.1 %)	43.66	(46.2 %)	1.46
Q1 2013	24.21	(5.4 %)	8.59	(12.6 %)	8.62	(51.3 %)	0.29
Q2 2013	28.96	(3.7 %)	11.56	(4.8 %)	13.08	(17.5 %)	0.44
Q3 2013	24.22	(8.5 %)	8.47	(13.9 %)	13.40	14.8 %	0.45
Q4 2013	24.64	(19.6 %)	8.57	(14.6 %)	9.82	722.4 %	0.33
2013	102.02	(9.5 %)	37.19	(11.1 %)	44.93	2.9 %	1.50
Q1 2014	29.88	23.4 %	10.63	23.8 %	14.83	72.0 %	0.49
Q2 2014	21.24	(26.7 %)	6.39	(44.8 %)	14.09	7.7 %	0.47
Q3 2014	23.66	(2.3 %)	9.30	9.8 %	16.86	25.8 %	0.56
Q4 2014	25.25	2.5 %	10.41	21.4 %	15.74	60.2 %	0.52
2014	100.03	(1.9 %)	36.73	(1.2 %)	61.51	36.9 %	2.05
Q1 2015	27.81	(6.9 %)	10.68	0.5 %	18.64	25.7 %	0.62
Q2 2015	23.17	9.1 %	8.48	32.8 %	16.62	18.0 %	0.55
Q3 2015	20.24	(14.5 %)	5.14	(44.8 %)	6.30	(62.6 %)	0.21
Q4 2015	32.67	29.4 %	11.40	9.5 %	3.54	(77.5 %)	0.12
2015	103.89	3.9 %	36.89	0.4 %	45.11	(26.7 %)	1.50
Q1 2016	33.73	21.3 %	12.08	13.1 %	13.66	(26.7 %)	0.46
Q2 2016	32.85	41.8 %	9.50	12.0 %	11.64	(30.0 %)	0.39
Q3 2016	17.01	(16.0 %)	2.34	(54.4 %)	4.70	(25.4 %)	0.16
Q4 2016	17.24	(47.2 %)	3.06	(73.2 %)	(7.82)	(320.7 %)	(0.26)
2016	100.82	(3.0 %)	26.98	(26.9 %)	21.67	(52.0 %)	0.72
Q1 2017	36.47	8.1 %	11.06	(8.4 %)	15.20	11.3 %	0.47
Q2 2017	26.49	(19.4 %)	7.21	(24.2 %)	37.61	223.2 %	1.17
Q3 2017	31.67	86.2 %	5.57	138.0 %	14.78	214.2 %	0.46

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	106.28	38.3 %	41.52	50.8 %	80.38	66.4 %	2.68
2008	108.52	2.1 %	42.58	2.6 %	67.70	(15.8 %)	2.26
2009	122.32	12.7 %	61.11	43.5 %	45.53	(32.7 %)	1.52
2010	110.80	(9.4 %)	49.97	(18.2 %)	71.05	56.1 %	2.37
2011	117.97	6.5 %	43.63	(12.7 %)	81.11	14.2 %	2.70
2012	112.75	(4.4 %)	41.83	(4.1 %)	43.66	(46.2 %)	1.46
2013	102.02	(9.5 %)	37.19	(11.1 %)	44.93	2.9 %	1.50
2014	100.03	(1.9 %)	36.73	(1.2 %)	61.51	36.9 %	2.05
2015	103.89	3.9 %	36.89	0.4 %	45.11	(26.7 %)	1.50
2016	100.82	(3.0 %)	26.98	(26.9 %)	21.67	(52.0 %)	0.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	40.32 %	43.64 %	78.74 %
Q2 2008	40.42 %	42.88 %	79.16 %
Q3 2008	40.44 %	42.01 %	79.68 %
Q4 2008	39.24 %	40.58 %	62.38 %
2008	39.24 %	40.58 %	62.38 %
Q1 2009	41.95 %	43.47 %	53.37 %
Q2 2009	45.11 %	47.00 %	43.91 %
Q3 2009	48.02 %	50.27 %	34.38 %
Q4 2009	49.96 %	53.12 %	37.21 %
2009	49.96 %	53.13 %	37.22 %
Q1 2010	48.08 %	51.21 %	36.37 %
Q2 2010	46.43 %	49.59 %	45.10 %
Q3 2010	44.62 %	47.25 %	55.19 %
Q4 2010	45.10 %	47.36 %	64.12 %
2010	45.10 %	47.36 %	64.12 %
Q1 2011	43.90 %	45.40 %	70.02 %
Q2 2011	42.16 %	43.31 %	76.54 %
Q3 2011	40.21 %	41.73 %	75.73 %
Q4 2011	36.98 %	38.01 %	68.76 %
2011	36.98 %	38.00 %	68.76 %
Q1 2012	35.98 %	37.57 %	66.02 %
Q2 2012	36.86 %	38.30 %	54.97 %
Q3 2012	37.46 %	38.40 %	46.60 %
Q4 2012	37.10 %	37.23 %	38.72 %
2012	37.10 %	37.24 %	38.72 %
Q1 2013	36.45 %	36.00 %	31.04 %
Q2 2013	36.29 %	35.14 %	28.84 %
Q3 2013	35.78 %	34.67 %	31.03 %
Q4 2013	36.46 %	35.04 %	44.04 %
2013	36.46 %	35.03 %	44.04 %
Q1 2014	36.43 %	35.32 %	47.48 %
Q2 2014	34.07 %	32.67 %	52.15 %
Q3 2014	35.10 %	32.17 %	55.92 %
Q4 2014	36.72 %	32.85 %	61.49 %
2014	36.72 %	32.85 %	61.49 %
Q1 2015	37.55 %	31.98 %	66.68 %
Q2 2015	38.92 %	32.33 %	67.93 %
Q3 2015	35.98 %	29.97 %	59.40 %
Q4 2015	34.37 %	31.29 %	43.42 %
2015	35.51 %	32.43 %	43.42 %
Q1 2016	33.79 %	34.71 %	36.54 %
Q2 2016	31.90 %	36.13 %	29.41 %
Q3 2016	30.38 %	37.26 %	28.85 %
Q4 2016	26.76 %	36.55 %	30.93 %
2016	26.76 %	36.04 %	30.42 %
Q1 2017	25.07 %	35.55 %	31.60 %
Q2 2017	24.35 %	37.55 %	32.86 %
Q3 2017	24.05 %	36.80 %	37.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	39.06 %	43.62 %	75.64 %
2008	39.24 %	40.58 %	62.38 %
2009	49.96 %	53.13 %	37.22 %
2010	45.10 %	47.36 %	64.12 %
2011	36.98 %	38.00 %	68.76 %
2012	37.10 %	37.24 %	38.72 %
2013	36.46 %	35.03 %	44.04 %
2014	36.72 %	32.85 %	61.49 %
2015	35.51 %	32.43 %	43.42 %
2016	26.76 %	36.04 %	30.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	45.43 %	46.62 %	95.05 %
Q2 2008	36.83 %	38.42 %	71.11 %
Q3 2008	38.44 %	40.18 %	78.34 %
Q4 2008	36.31 %	37.09 %	2.02 %
Q1 2009	52.67 %	54.49 %	57.05 %
Q2 2009	49.61 %	52.61 %	32.60 %
Q3 2009	51.17 %	54.54 %	37.22 %
Q4 2009	45.66 %	50.53 %	16.62 %
Q1 2010	45.94 %	47.41 %	57.66 %
Q2 2010	43.21 %	46.32 %	67.03 %
Q3 2010	43.44 %	44.43 %	81.88 %
Q4 2010	47.59 %	50.98 %	52.36 %
Q1 2011	41.65 %	40.45 %	78.86 %
Q2 2011	37.12 %	38.76 %	90.67 %
Q3 2011	34.77 %	37.38 %	77.82 %
Q4 2011	33.49 %	34.79 %	20.14 %
Q1 2012	38.39 %	39.12 %	69.23 %
Q2 2012	40.40 %	41.50 %	52.76 %
Q3 2012	37.17 %	37.79 %	44.11 %
Q4 2012	32.75 %	31.00 %	(5.15 %)
Q1 2013	35.47 %	33.54 %	35.62 %
Q2 2013	39.94 %	38.43 %	45.18 %
Q3 2013	34.98 %	35.97 %	55.33 %
Q4 2013	34.80 %	31.60 %	39.86 %
Q1 2014	35.56 %	34.85 %	49.64 %
Q2 2014	30.08 %	27.07 %	66.32 %
Q3 2014	39.32 %	33.94 %	71.24 %
Q4 2014	41.23 %	34.33 %	62.32 %
Q1 2015	38.41 %	31.94 %	67.04 %
Q2 2015	36.61 %	28.96 %	71.72 %
Q3 2015	25.39 %	22.98 %	31.13 %
Q4 2015	34.90 %	37.52 %	10.84 %
Q1 2016	35.81 %	42.98 %	40.49 %
Q2 2016	28.92 %	35.82 %	35.42 %
Q3 2016	13.77 %	28.20 %	27.65 %
Q4 2016	17.76 %	33.60 %	6.89 %
Q1 2017	30.34 %	39.67 %	41.68 %
Q2 2017	27.20 %	43.23 %	40.97 %
Q3 2017	17.60 %	29.85 %	46.66 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	30.00	2.82	2.82	14.69
Q2 2008	30.00	2.84	2.84	14.14
Q3 2008	30.00	2.87	2.87	14.52
Q4 2008	30.00	2.26	2.26	14.27
Q1 2009	30.00	2.10	2.10	14.87
Q2 2009	30.00	1.79	1.79	14.36
Q3 2009	30.00	1.38	1.38	14.80
Q4 2009	30.00	1.52	1.52	15.15
Q1 2010	30.00	1.41	1.41	15.94
Q2 2010	30.00	1.70	1.70	15.78
Q3 2010	30.00	2.04	2.04	16.58
Q4 2010	30.00	2.37	2.37	17.50
Q1 2011	30.00	2.62	2.62	18.66
Q2 2011	30.00	2.98	2.98	18.06
Q3 2011	30.00	3.01	3.01	18.60
Q4 2011	30.00	2.70	2.70	19.12
Q1 2012	30.00	2.46	2.46	20.12
Q2 2012	30.00	2.00	2.00	18.25
Q3 2012	30.00	1.69	1.69	18.51
Q4 2012	30.00	1.46	1.46	18.81
Q1 2013	30.00	1.15	1.15	19.08
Q2 2013	30.00	1.06	1.06	18.35
Q3 2013	30.00	1.12	1.12	19.03
Q4 2013	30.00	1.50	1.50	19.69
Q1 2014	30.00	1.70	1.70	20.41
Q2 2014	30.00	1.74	1.74	19.49
Q3 2014	30.00	1.85	1.85	20.04
Q4 2014	30.00	2.05	2.05	20.56
Q1 2015	30.00	2.18	2.18	21.18
Q2 2015	30.00	2.26	2.26	19.98
Q3 2015	30.00	1.91	1.91	19.19
Q4 2015	30.00	1.50	1.50	19.31
Q1 2016	30.00	1.34	1.34	19.73
Q2 2016	30.00	1.17	1.17	19.55
Q3 2016	30.00	1.12	1.12	18.93
Q4 2016	30.00	0.74	1.04	18.50
Q1 2017	32.18	0.74	1.02	19.06
Q2 2017	32.18	1.54	0.99	19.35
Q3 2017	32.18	1.86	1.31	19.30

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	30.00	2.68	2.68	14.76
2008	30.00	2.26	2.26	14.27
2009	30.00	1.52	1.52	15.15
2010	30.00	2.37	2.37	17.50
2011	30.00	2.70	2.70	19.12
2012	30.00	1.46	1.46	18.81
2013	30.00	1.50	1.50	19.69
2014	30.00	2.05	2.05	20.56
2015	30.00	1.50	1.50	19.31
2016	30.00	0.72	1.02	18.50

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	19.02	19.02	3.65
Q2 2008	23.66	23.66	4.75
Q3 2008	17.12	17.12	3.38
Q4 2008	11.75	11.75	1.86
Q1 2009	12.32	12.32	1.74
Q2 2009	17.00	17.00	2.11
Q3 2009	21.77	21.77	2.03
Q4 2009	18.37	18.37	1.84
Q1 2010	20.40	20.40	1.81
Q2 2010	14.53	14.53	1.56
Q3 2010	13.44	13.44	1.65
Q4 2010	12.87	12.87	1.74
Q1 2011	12.48	12.48	1.75
Q2 2011	12.41	12.41	2.05
Q3 2011	12.83	12.83	2.08
Q4 2011	14.48	14.48	2.05
Q1 2012	18.13	18.13	2.22
Q2 2012	15.35	15.35	1.68
Q3 2012	18.42	18.42	1.68
Q4 2012	19.29	19.29	1.49
Q1 2013	24.93	24.93	1.51
Q2 2013	25.66	25.66	1.48
Q3 2013	30.42	30.42	1.79
Q4 2013	21.97	21.97	1.67
Q1 2014	20.33	20.33	1.70
Q2 2014	23.97	23.97	2.14
Q3 2014	27.13	27.13	2.51
Q4 2014	17.51	17.51	1.75
Q1 2015	19.66	19.66	2.02
Q2 2015	19.84	19.84	2.25
Q3 2015	17.33	17.33	1.73
Q4 2015	19.19	19.19	1.49
Q1 2016	16.87	16.87	1.14
Q2 2016	19.52	19.52	1.17
Q3 2016	15.41	15.41	0.91
Q4 2016	29.51	20.99	1.18
Q1 2017	26.07	18.90	1.08
Q2 2017	13.15	20.46	1.03
Q3 2017	11.79	16.77	1.11

Period	P/E	Adjusted P/E	Price/book
2007	22.00	22.00	3.99
2008	11.75	11.75	1.86
2009	18.37	18.37	1.84
2010	12.87	12.87	1.74
2011	14.48	14.48	2.05
2012	19.29	19.29	1.49
2013	21.97	21.97	1.67
2014	17.51	17.51	1.75
2015	19.19	19.19	1.49
2016	30.20	21.33	1.18

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	22.00	14.78	(32.8 %)

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
Riyad Capital	22.00	14.78	(32.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,406.48
Enterprise Value (EV) (M)	1,371.12
Shares Outstanding ((M))	32.90
EPS ( Riyal) (TTM)	1.89
Book Value (BV) ( Riyal)	22.13
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.60
P/E (TTM)	22.60
Price/book	1.93
Return on Average Assets (%) (TTM)	7.7
Return on Average Equity (%) (TTM)	8.7

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Zoujaj net profit more than doubles in 9M 2017

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Share Price

The National Company for Glass Industries (ZOUJAJ)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

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Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

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Financial Ratios

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Zoujaj net profit more than doubles in 9M 2017

View other reports

Share Price

The National Company for Glass Industries (ZOUJAJ)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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