Obeikan Glass profit up 2% to SAR 177.7 mln in 2022; Q4 down 59% to SAR 23.2 mln
22/03/2023
Argaam Exclusive
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Obeikan Glass Co. posted a 2% rise in 2022 net profit to SAR 177.7 million, from SAR 173.7 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 463.24 | 502.18 | 8.4 % |
| Gross Income | 251.45 | 256.20 | 1.9 % |
| Operating Income | 186.23 | 187.80 | 0.8 % |
| Net Income | 173.68 | 177.65 | 2.3 % |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 5.43 | 5.55 | 2.3 % |
The profit growth was backed by higher product prices amid better demand and the company’s expansion in new markets. The glass manufacturer also reported a decline in finance costs, as well as selling and distribution expenses.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 259.43 | 241.64 | (6.9 %) |
| Gross Income | 159.68 | 106.20 | (33.5 %) |
| Operating Income | 126.60 | 72.76 | (42.5 %) |
| Net Income | 118.01 | 72.48 | (38.6 %) |
| Average Shares | 32.00 | 32.00 | - |
| EPS (Riyals) | 3.69 | 2.27 | (38.6 %) |
In Q4 2022, net profit fell by 59% to SAR 23.2 million, from SAR 56.80 million in Q4 2021.
The fourth-quarter net profit also dropped 52.9% from SAR 49.26 million in Q3 2022.
Shareholders’ equity, no minority interest, declined to SAR 535.86 million as of Dec. 31, 2022, from SAR 417.81 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| 2022 | 502.18 | 8.4 % | 256.20 | 1.9 % | 187.80 | 0.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 105.17 | 88.9 % | 3.29 | - | 105.17 | 3.29 |
| H2 2022 | 72.48 | (38.6 %) | 2.27 | - | 72.48 | 2.27 |
| 2022 | 177.65 | 2.3 % | 5.55 | - | 177.65 | 5.55 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 59.56 % | 53.82 % | 43.49 % |
| H2 2022 | 51.02 % | 45.15 % | 35.38 % |
| 2022 | 51.02 % | 45.15 % | 35.38 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 32.00 | 6.97 | 7.07 | 16.34 |
| H2 2022 | 32.00 | 5.55 | 5.55 | 16.75 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | 9.40 | 9.28 | 4.01 |
| H2 2022 | 11.97 | 11.97 | 3.97 |
| Current | |
| Market Cap (M Riyal) | 1,603.20 |
| Enterprise Value (EV) (M) | 1,561.80 |
| Shares Outstanding ((M)) | 32.00 |
| Book Value (BV) ( Riyal) | 18.81 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 21.47 |
| Price/book | 2.66 |
Share Price
Obeikan Glass Co. (OBEIKAN GLASS)
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