Obeikan Glass profit slumps 57% to SAR 23.1M in H1 2024

25/08/2024 Argaam Exclusive

Obeikan Glass Co. posted a 57% slump in H1 2024 net profits to SAR 23.1 million, from SAR 54 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 216.16 167.13 (22.7 %)
Gross Income 88.82 59.87 (32.6 %)
Operating Income 57.50 26.91 (53.2 %)
Net Income 54.04 23.07 (57.3 %)
Average Shares 32.00 32.00 -
EPS (Riyals) 1.69 0.72 (57.3 %)

The first-half net earnings were hurt by lower revenue, due to a decline in average product selling prices amid a global price downturn.

 

The company also reported an increase of SAR 5.3 million in general and administrative expenses, on new investments. It incurred founding costs and pre-operational expenses for its investment in the subsidiary, Saudi Aluminum Casting Foundry, due to the accounting treatment of this investment by consolidation of financial statements. The move resulted in additional expenses reflected on Obeikan Glass’ income statement in the first half.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 216.16 167.13 (22.7 %)
Gross Income 88.82 59.87 (32.6 %)
Operating Income 57.50 26.91 (53.2 %)
Net Income 54.04 23.07 (57.3 %)
Average Shares 32.00 32.00 -
EPS (Riyals) 1.69 0.72 (57.3 %)

Shareholders’ equity, after minority interest, declined to SAR 564.7 million as of June 30, 2024, from SAR 588 million a year earlier.

 

The company’s shareholders approved, on Nov. 23, 2023, the board’s proposal for raising capital by 33.33% through a one-for-three bonus issue to SAR 320 million from SAR 240 million.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

Earnings Per Share

(SAR)

H1 2020

96.65

(1.10)

(0.03)

H2 2020

164.68

18.39

0.57

H1 2021

203.81

55.67

1.74

H2 2021

259.43

118.01

3.69

H1 2022

260.54

105.17

3.29

H2 2022

241.64

72.48

2.26

H1 2023

216.16

54.04

1.69

H2 2023

177.82

9.99

0.31

H1 2024

167.10

20.90

0.65

 

View More Financial Results

 

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Share Price

Obeikan Glass Co.
50.20
(1.90) (3.65 %)

Obeikan Glass Co. (OBEIKAN GLASS)

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Financial Ratios
Current
Market Cap (M Riyal) 1,606.40
Enterprise Value (EV) (M) 1,565.00
Shares Outstanding ((M)) 32.00
Book Value (BV) ( Riyal) 18.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.51
Price/book 2.67
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 96.65 - 27.10 - 2.43 -
H2 2020 164.69 - 50.58 - 18.87 -
H1 2021 203.81 110.9 % 91.76 238.6 % 59.63 2351.3 %
H2 2021 259.43 57.5 % 159.68 215.7 % 126.60 571.1 %
H1 2022 260.54 27.8 % 149.99 63.5 % 115.04 92.9 %
H2 2022 241.64 (6.9 %) 106.20 (33.5 %) 72.76 (42.5 %)
H1 2023 216.16 (17.0 %) 88.82 (40.8 %) 57.50 (50.0 %)
H2 2023 177.82 (26.4 %) 60.88 (42.7 %) 19.31 (73.5 %)
H1 2024 167.13 (22.7 %) 59.87 (32.6 %) 26.91 (53.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 (1.10) - (0.03) - (1.10) (0.03)
H2 2020 18.39 - 0.57 - 18.39 0.57
H1 2021 55.67 5165.6 % 1.74 - 55.67 1.74
H2 2021 118.01 541.6 % 3.69 (2.98) 120.99 3.78
H1 2022 105.17 88.9 % 3.29 - 105.17 3.29
H2 2022 72.48 (38.6 %) 2.27 - 72.48 2.27
H1 2023 54.04 (48.6 %) 1.69 - 54.04 1.69
H2 2023 13.62 (81.2 %) 0.43 (7.00) 20.62 0.64
H1 2024 23.07 (57.3 %) 0.72 (5.30) 28.37 0.89

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 29.73 % 21.17 % 6.62 %
H1 2021 38.63 % 30.79 % 20.10 %
H2 2021 54.28 % 48.27 % 38.14 %
H1 2022 59.56 % 53.82 % 43.49 %
H2 2022 51.02 % 45.15 % 35.38 %
H1 2023 42.60 % 37.05 % 27.64 %
H2 2023 38.00 % 29.59 % 18.95 %
H1 2024 35.01 % 25.00 % 14.20 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 32.00 - - -
H2 2020 32.00 0.54 0.54 8.37
H1 2021 32.00 2.31 2.31 10.11
H2 2021 32.00 5.43 5.52 13.06
H1 2022 32.00 6.97 7.07 16.34
H2 2022 32.00 5.55 5.55 16.75
H1 2023 32.00 3.95 3.95 18.38
H2 2023 32.00 2.11 2.33 18.81
H1 2024 32.00 1.15 1.53 17.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 9.40 9.28 4.01
H2 2022 11.97 11.97 3.97
H1 2023 15.93 15.93 3.43
H2 2023 26.01 23.57 2.92
H1 2024 42.95 32.17 2.79

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