Glass posts lower net profit at SAR 21.7m in I2 of 2013

30/06/2013 Argaam Exclusive

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Share Price

The National Company for Glass Industries (ZOUJAJ)

The National Co. for Glass Industries (Zoujaj), a manufacturer of glass bottles and float glass, reported SAR 21.7m net profit at the end of the first half of 2013, a 35% decrease compared to the same period last year, as shown in the following table:

Financials (M)

Item	6m 2012	6m 2013	Change‬
Revenues	55.63	53.16	(4.4 %)
Gross Income	21.96	20.15	(8.3 %)
Operating Income	15.83	13.58	(14.2 %)
Net Income	33.56	21.70	(35.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.12	0.72	(35.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2012	Q2 2013	Change‬
Revenues	30.06	28.96	(3.7 %)
Gross Income	12.14	11.56	(4.8 %)
Operating Income	9.14	8.35	(8.7 %)
Net Income	15.86	13.08	(17.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.53	0.44	(17.5 %)

Item	Q1 2013	Q2 2013	Change‬
Revenues	24.21	28.96	19.6 %
Gross Income	8.59	11.56	34.7 %
Operating Income	5.23	8.35	59.7 %
Net Income	8.62	13.08	51.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.29	0.44	51.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2004	15.97	39.8 %	4.15	63.4 %	10.21	72.5 %	0.34
Q2 2004	20.80	28.1 %	5.84	44.3 %	12.84	54.3 %	0.43
Q3 2004	23.80	16.2 %	6.84	65.4 %	15.73	68.3 %	0.52
Q4 2004	23.56	33.7 %	6.15	68.3 %	17.13	69.7 %	0.57
2004	84.14	28.0 %	23.19	61.3 %	55.93	66.1 %	1.86
Q1 2005	19.47	21.9 %	6.90	66.3 %	14.74	44.3 %	0.49
Q2 2005	23.68	13.8 %	8.78	50.4 %	40.07	212.0 %	1.34
Q3 2005	23.03	(3.2 %)	8.21	19.9 %	23.38	48.6 %	0.78
Q4 2005	21.56	(8.5 %)	7.22	17.4 %	51.64	201.4 %	1.72
2005	87.74	4.3 %	31.11	34.1 %	129.83	132.1 %	4.33
Q1 2006	21.42	10.0 %	9.76	41.4 %	48.73	230.6 %	1.62
Q2 2006	20.15	(14.9 %)	7.35	(16.3 %)	16.13	(59.7 %)	0.54
Q3 2006	10.63	(53.8 %)	1.01	(87.7 %)	8.88	(62.0 %)	0.30
Q4 2006	24.66	14.4 %	9.42	30.4 %	(25.43)	(149.2 %)	(0.85)
2006	76.86	(12.4 %)	27.53	(11.5 %)	48.31	(62.8 %)	1.61
Q1 2007	25.39	18.5 %	10.26	5.2 %	21.04	(56.8 %)	0.70
Q2 2007	27.76	37.8 %	10.12	37.6 %	19.28	19.6 %	0.64
Q3 2007	27.74	160.9 %	10.64	954.1 %	21.17	138.4 %	0.71
Q4 2007	25.39	2.9 %	10.50	11.5 %	18.89	174.3 %	0.63
2007	106.28	38.3 %	41.52	50.8 %	80.38	66.4 %	2.68
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2003	65.75	-	14.38	-	33.68	-	1.12
2004	84.14	28.0 %	23.19	61.3 %	55.93	66.1 %	1.86
2005	87.74	4.3 %	31.11	34.1 %	129.83	132.1 %	4.33
2006	76.86	(12.4 %)	27.53	(11.5 %)	48.31	(62.8 %)	1.61
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	22.74 %	41.38 %	54.02 %
Q2 2004	23.75 %	40.12 %	56.77 %
Q3 2004	26.20 %	40.20 %	62.51 %
Q4 2004	27.32 %	37.91 %	66.46 %
2004	27.56 %	38.16 %	66.48 %
Q1 2005	29.36 %	36.74 %	68.97 %
Q2 2005	31.68 %	38.06 %	96.85 %
Q3 2005	33.47 %	39.04 %	106.21 %
Q4 2005	35.46 %	40.70 %	147.96 %
2005	35.45 %	40.71 %	147.97 %
Q1 2006	37.87 %	42.23 %	182.64 %
Q2 2006	37.76 %	40.84 %	162.32 %
Q3 2006	34.35 %	38.66 %	169.96 %
Q4 2006	35.82 %	40.80 %	62.85 %
2006	35.82 %	40.80 %	62.85 %
Q1 2007	34.69 %	40.98 %	25.51 %
Q2 2007	34.83 %	42.21 %	26.89 %
Q3 2007	38.31 %	44.18 %	34.17 %
Q4 2007	39.06 %	43.62 %	75.64 %
2007	39.06 %	43.62 %	75.64 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2003	21.87 %	41.22 %	51.22 %
2004	27.56 %	38.16 %	66.48 %
2005	35.45 %	40.71 %	147.97 %
2006	35.82 %	40.80 %	62.85 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	25.99 %	47.65 %	63.95 %
Q2 2004	28.07 %	37.14 %	61.75 %
Q3 2004	28.75 %	37.23 %	66.08 %
Q4 2004	26.11 %	32.68 %	72.70 %
Q1 2005	35.44 %	40.64 %	75.70 %
Q2 2005	37.08 %	42.11 %	169.22 %
Q3 2005	35.63 %	41.02 %	101.50 %
Q4 2005	33.50 %	38.87 %	239.47 %
Q1 2006	45.54 %	47.06 %	227.48 %
Q2 2006	36.46 %	36.12 %	80.02 %
Q3 2006	9.49 %	26.12 %	83.55 %
Q4 2006	38.21 %	45.51 %	(103.12 %)
Q1 2007	40.42 %	46.67 %	82.87 %
Q2 2007	36.43 %	41.36 %	69.45 %
Q3 2007	38.35 %	43.54 %	76.32 %
Q4 2007	41.36 %	43.13 %	74.41 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2004	30.00	1.27	1.27	8.13
Q2 2004	30.00	1.42	1.42	8.20
Q3 2004	30.00	1.63	1.63	8.72
Q4 2004	30.00	1.86	1.86	9.29
Q1 2005	30.00	2.01	2.01	9.79
Q2 2005	30.00	2.92	2.92	10.40
Q3 2005	30.00	3.18	3.18	11.18
Q4 2005	30.00	4.33	4.33	12.90
Q1 2006	30.00	5.46	5.46	14.53
Q2 2006	30.00	4.66	4.66	13.42
Q3 2006	30.00	4.18	4.18	12.81
Q4 2006	30.00	1.61	1.61	12.23
Q1 2007	30.00	0.69	0.69	12.45
Q2 2007	30.00	0.79	0.79	12.06
Q3 2007	30.00	1.20	1.20	13.27
Q4 2007	30.00	2.68	2.68	14.76
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2003	30.00	1.12	1.12	7.78
2004	30.00	1.86	1.86	9.29
2005	30.00	4.33	4.33	12.90
2006	30.00	1.61	1.61	12.23
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2004	19.29	19.29	3.01
Q2 2004	21.58	21.58	3.73
Q3 2004	22.93	22.93	4.28
Q4 2004	18.99	18.99	3.81
Q1 2005	21.92	21.92	4.51
Q2 2005	23.62	23.62	6.64
Q3 2005	29.45	29.45	8.37
Q4 2005	24.13	24.13	8.09
Q1 2006	14.70	14.70	5.53
Q2 2006	23.52	23.52	8.17
Q3 2006	21.83	21.83	7.12
Q4 2006	25.08	25.08	3.30
Q1 2007	More than 50	More than 50	3.17
Q2 2007	43.24	43.24	2.84
Q3 2007	37.63	37.63	3.41
Q4 2007	22.00	22.00	3.99
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

Period	P/E	Adjusted P/E	Price/book
2003	16.41	16.41	2.37
2004	18.98	18.98	3.81
2005	24.13	24.13	8.09
2006	25.08	25.08	3.30
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

Financial Ratios

	Current
Market Cap (M Riyal)	1,431.15
Enterprise Value (EV) (M)	1,395.79
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)	23.00
P/E (TTM)	23.00
Price/book	1.97
Return on Average Assets (%) (TTM)	7.7
Return on Average Equity (%) (TTM)	8.7

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Glass posts lower net profit at SAR 21.7m in I2 of 2013

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

Financial Ratios

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Glass posts lower net profit at SAR 21.7m in I2 of 2013

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

Financial Ratios

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