Zoujaj H1 net profit falls 33% to SAR 24 mln

20/07/2016 Argaam Exclusive

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The National Company for Glass Industries (ZOUJAJ)

The National Company for Glass Industries (Zoujaj), a manufacturer of glass bottles and float glass, reported a net profit of SAR 23.7 million in the first half of 2016, a 32.9 percent year-on-year (YoY) drop attributed to a decline in financial performance of associates, along with lower income.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	50.98	66.58	30.6 %
Gross Income	19.17	21.58	12.6 %
Operating Income	13.09	15.41	17.7 %
Net Income	35.26	25.29	(28.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.18	0.84	(28.3 %)

The company’s net profit for the second quarter was down 32.5 percent YoY at SAR 11.2 million, and lower by 10.4 percent compared to Q1-2016.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	23.17	32.85	41.8 %
Gross Income	8.48	9.50	12.0 %
Operating Income	5.48	6.42	17.2 %
Net Income	16.62	11.64	(30.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.55	0.39	(30.0 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	33.73	32.85	(2.6 %)
Gross Income	12.08	9.50	(21.3 %)
Operating Income	8.99	6.42	(28.6 %)
Net Income	13.66	11.64	(14.8 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.46	0.39	(14.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2013	36.46 %	35.03 %	44.04 %
2014	36.72 %	32.85 %	61.49 %
2015	35.51 %	32.43 %	43.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2013	21.97	21.97	1.67
2014	17.51	17.51	1.75
2015	19.19	19.19	1.49

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	9.00	11.64	29.29 %

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
Riyad Capital	9.00	11.64	29.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,398.25
Enterprise Value (EV) (M)	1,362.89
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)	22.47
P/E (TTM)	22.47
Price/book	1.92
Return on Average Assets (%) (TTM)	7.7
Return on Average Equity (%) (TTM)	8.7

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Zoujaj H1 net profit falls 33% to SAR 24 mln

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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)

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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Zoujaj H1 net profit falls 33% to SAR 24 mln

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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