Financial Results : Obeikan Glass profit falls 42% to SAR 6.1M in Q1 2025

Obeikan Glass profit falls 42% to SAR 6.1M in Q1 2025

15/05/2025 Argaam Exclusive

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Obeikan Glass Co. posted a 42% drop in the Q1 2025 net profit to SAR 6.1 million, from SAR 10.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 84.27 85.02 0.9 %
Gross Income 27.49 26.57 (3.3 %)
Operating Income 10.54 6.12 (42.0 %)
Net Income 10.59 6.13 (42.1 %)
Average Shares 32.00 32.00 -
Earnings Per Share before unusual items (Riyal) 0.33 0.19 (42.1 %)
EPS (Riyal) 0.33 0.19 (42.1 %)

This pullback was attributed to an SAR 3.3 million increase in overhead, general and administrative expenses as the company entered into a new investment.

 

In addition, Obeikan Glass bore a share of the founding costs and pre-operational expenses for its investment in subsidiary Saudi Aluminum Casting Foundry Co., given the accounting treatment of this investment.

 

The Saudi-listed glass producer also cited a SAR 1.2 million year-on-year (YoY) increase in the expected credit loss (ECL) provision due to the aged balances with a related party, Obeikan AGC LLC.

 

However, the first-quarter revenues surged YoY due to a slight rise in sales volumes for the same period.

 

Shareholders’ equity, after minority interest, fell to SAR 541.75 million as of March 31, 2025, from SAR 548.58 million a year earlier.

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