Zoujaj swings to profit of SAR 51.1 mln in 2021; Q4 at SAR 11.7 mln

30/03/2022 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) turned to a net profit after Zakat and tax of SAR 51.1 million in 2021, compared to a net loss after Zakat and tax of SAR 11 million in 202.

Financials (M)

Item	2020	2021	Change‬
Revenues	73.31	86.93	18.6 %
Gross Income	(2.26)	2.79	223.8 %
Operating Income	(14.87)	(14.27)	4.1 %
Net Income	(11.04)	51.12	563.2 %
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.34)	1.55	563.2 %

The earnings were driven by an increase in profit share from joint ventures operating in the float glass segment, on better financial performance.

The company swung to a net profit after Zakat and tax of SAR 11.7 million in Q4 2021, compared to a net loss after Zakat and tax of SAR 5.85 million in the year-earlier period.

Sequentially, net profit fell 41.7% from SAR 20.13 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	15.96	28.62	79.4 %
Gross Income	(5.74)	0.09	101.6 %
Operating Income	(10.56)	(5.96)	43.5 %
Net Income	(5.89)	12.22	307.5 %
Average Shares	32.90	32.90	-
EPS (Riyals)	(0.18)	0.37	307.5 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	19.52	28.62	46.6 %
Gross Income	(0.07)	0.09	224.3 %
Operating Income	(5.20)	(5.96)	(14.8 %)
Net Income	19.05	12.22	(35.9 %)
Average Shares	32.90	32.90	-
EPS (Riyals)	0.58	0.37	(35.9 %)

Total shareholders’ equity, excluding minority rights, amounted to SAR 640.2 million in 2021, compared to SAR 590.3 million in 2020.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2017	22.27	29.2 %	2.48	(19.1 %)	(2.38)	69.6 %	(0.07)
2017	116.89	15.9 %	26.32	(2.5 %)	65.20	200.9 %	2.03
Q1 2018	24.65	(32.4 %)	8.72	(21.2 %)	11.37	(25.2 %)	0.35
Q2 2018	29.18	10.2 %	9.35	29.8 %	11.56	(69.3 %)	0.35
Q3 2018	24.56	(22.4 %)	6.90	23.8 %	8.68	(41.3 %)	0.26
Q4 2018	20.28	(8.9 %)	4.70	89.5 %	0.14	105.7 %	0.00
2018	98.67	(15.6 %)	29.67	12.7 %	31.74	(51.3 %)	0.96
Q1 2019	25.97	5.4 %	6.48	(25.6 %)	4.63	(59.3 %)	0.14
Q2 2019	20.40	(30.1 %)	2.24	(76.0 %)	(1.41)	(112.2 %)	(0.04)
Q3 2019	13.58	(44.7 %)	(2.73)	(139.6 %)	(6.57)	(175.7 %)	(0.20)
Q4 2019	14.91	(26.5 %)	(0.65)	(113.9 %)	(27.97)	(20663.2 %)	(0.85)
2019	74.86	(24.1 %)	5.34	(82.0 %)	(31.32)	(198.7 %)	(0.95)
Q1 2020	22.11	(14.8 %)	2.49	(61.7 %)	2.29	(50.5 %)	0.07
Q2 2020	19.01	(6.8 %)	0.90	(59.9 %)	(10.07)	(612.4 %)	(0.31)
Q3 2020	16.22	19.4 %	0.10	103.6 %	2.64	140.1 %	0.08
Q4 2020	15.96	7.0 %	(5.74)	(778.7 %)	(5.89)	78.9 %	(0.18)
2020	73.31	(2.1 %)	(2.26)	(142.2 %)	(11.04)	64.8 %	(0.34)
Q1 2021	22.03	(0.4 %)	2.13	(14.2 %)	9.79	327.9 %	0.30
Q2 2021	16.75	(11.9 %)	0.64	(28.6 %)	10.05	199.7 %	0.31
Q3 2021	19.52	20.4 %	(0.07)	(175.5 %)	19.05	622.5 %	0.58
Q4 2021	28.62	79.4 %	0.09	101.6 %	12.22	307.5 %	0.37
2021	86.93	18.6 %	2.79	223.8 %	51.12	563.2 %	1.55

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	116.89	15.9 %	26.32	(2.5 %)	65.20	200.9 %	2.03
2018	98.67	(15.6 %)	29.67	12.7 %	31.74	(51.3 %)	0.96
2019	74.86	(24.1 %)	5.34	(82.0 %)	(31.32)	(198.7 %)	(0.95)
2020	73.31	(2.1 %)	(2.26)	(142.2 %)	(11.04)	64.8 %	(0.34)
2021	86.93	18.6 %	2.79	223.8 %	51.12	563.2 %	1.55

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	22.52 %	34.31 %	39.91 %
2017	22.52 %	34.31 %	39.91 %
Q1 2018	22.82 %	35.90 %	46.08 %
Q2 2018	24.24 %	36.67 %	50.02 %
Q3 2018	27.27 %	40.70 %	52.88 %
Q4 2018	30.07 %	47.29 %	63.60 %
2018	30.07 %	47.29 %	63.60 %
Q1 2019	27.43 %	45.31 %	53.63 %
Q2 2019	22.28 %	42.24 %	40.08 %
Q3 2019	13.33 %	36.44 %	20.64 %
Q4 2019	7.14 %	28.99 %	1.34 %
2019	7.14 %	29.00 %	1.34 %
Q1 2020	1.89 %	24.63 %	(6.41 %)
Q2 2020	-	22.70 %	(19.96 %)
Q3 2020	3.92 %	24.40 %	(7.41 %)
Q4 2020	(3.08 %)	16.93 %	(15.05 %)
2020	(3.08 %)	16.98 %	(15.05 %)
Q1 2021	(3.56 %)	17.15 %	(4.82 %)
Q2 2021	(4.04 %)	16.82 %	23.38 %
Q3 2021	(4.09 %)	15.22 %	44.44 %
Q4 2021	3.21 %	16.75 %	58.80 %
2021	3.21 %	16.75 %	58.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	22.52 %	34.31 %	39.91 %
2018	30.07 %	47.29 %	63.60 %
2019	7.14 %	29.00 %	1.34 %
2020	(3.08 %)	16.98 %	(15.05 %)
2021	3.21 %	16.75 %	58.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	11.12 %	21.26 %	26.14 %
Q1 2018	35.38 %	49.00 %	68.83 %
Q2 2018	32.05 %	45.43 %	56.01 %
Q3 2018	28.09 %	44.40 %	57.39 %
Q4 2018	23.15 %	51.39 %	75.68 %
Q1 2019	24.97 %	41.29 %	30.20 %
Q2 2019	11.00 %	31.76 %	(3.56 %)
Q3 2019	(20.12 %)	11.91 %	(43.48 %)
Q4 2019	(4.38 %)	19.36 %	(1.38 %)
Q1 2020	11.24 %	29.43 %	10.35 %
Q2 2020	4.73 %	25.20 %	(52.98 %)
Q3 2020	0.60 %	21.23 %	16.26 %
Q4 2020	(35.95 %)	(14.59 %)	(36.89 %)
Q1 2021	9.68 %	30.19 %	44.45 %
Q2 2021	3.83 %	24.87 %	59.97 %
Q3 2021	(0.38 %)	14.42 %	97.59 %
Q4 2021	0.32 %	3.24 %	42.69 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2017	32.18	2.03	1.45	19.46
Q1 2018	32.90	1.87	1.47	19.53
Q2 2018	32.90	1.07	1.64	19.33
Q3 2018	32.90	0.89	1.62	19.77
Q4 2018	32.90	0.96	1.91	19.83
Q1 2019	32.90	0.76	1.63	20.21
Q2 2019	32.90	0.37	1.11	19.08
Q3 2019	32.90	(0.10)	0.50	18.88
Q4 2019	32.90	(0.95)	0.03	18.05
Q1 2020	32.90	(1.02)	(0.14)	18.10
Q2 2020	32.90	(1.29)	(0.42)	17.75
Q3 2020	32.90	(1.01)	(0.16)	17.83
Q4 2020	32.90	(0.34)	(0.34)	17.94
Q1 2021	32.90	(0.11)	(0.11)	18.36
Q2 2021	32.90	0.50	0.50	18.63
Q3 2021	32.90	1.00	1.00	19.24
Q4 2021	32.90	1.55	1.55	19.46

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	32.18	2.03	1.45	19.46
2018	32.90	0.96	1.91	19.83
2019	32.90	(0.95)	0.03	18.05
2020	32.90	(0.34)	(0.34)	17.94
2021	32.90	1.55	1.55	19.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2017	10.63	14.86	1.08
Q1 2018	11.07	14.03	1.06
Q2 2018	18.67	12.23	1.04
Q3 2018	20.49	11.25	0.92
Q4 2018	18.66	9.44	0.91
Q1 2019	24.21	11.29	0.91
Q2 2019	48.97	16.11	0.94
Q3 2019	NEG	35.88	0.96
Q4 2019	NEG	More than 100	0.98
Q1 2020	NEG	NEG	0.76
Q2 2020	NEG	NEG	0.91
Q3 2020	NEG	NEG	1.64
Q4 2020	NEG	NEG	1.52
Q1 2021	NEG	NEG	2.03
Q2 2021	84.58	84.58	2.29
Q3 2021	40.02	40.02	2.09
Q4 2021	28.32	28.32	2.26

Period	P/E	Adjusted P/E	Price/book
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
2017	10.63	14.86	1.08
2018	18.66	9.44	0.91
2019	NEG	More than 100	0.98
2020	NEG	NEG	1.52
2021	28.32	28.32	2.26

Financial Ratios

	Current
Market Cap (M Riyal)	1,391.67
Enterprise Value (EV) (M)	1,356.31
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)	22.36
P/E (TTM)	22.36
Price/book	1.91
Return on Average Assets (%) (TTM)	7.7
Return on Average Equity (%) (TTM)	8.7

The National Company for Glass Industries (ZOUJAJ)

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Zoujaj swings to profit of SAR 51.1 mln in 2021; Q4 at SAR 11.7 mln

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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

Share Price

The National Company for Glass Industries (ZOUJAJ)

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