Obeikan Glass net profit up 89% to SAR 105.2 mln in H1 2022

Obeikan Glass net profit up 89% to SAR 105.2 mln in H1 2022

22/08/2022 Argaam Exclusive

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Obeikan Glass Co. reported a net profit after Zakat and tax of SAR 105.2 million for the first half of 2022, increasing from SAR 55.7 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 203.81 260.54 27.8 %
Gross Income 91.76 149.99 63.5 %
Operating Income 59.63 115.04 92.9 %
Net Income 55.67 105.17 88.9 %
Average Shares 32.00 32.00 -
EPS (Riyals) 1.74 3.29 88.9 %

The profit increase was driven by higher sales volume as a result of continued demand for the company's products, in addition to the decrease in financing costs despite the increase in general and administrative expenses and other expenses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 203.81 260.54 27.8 %
Gross Income 91.76 149.99 63.5 %
Operating Income 59.63 115.04 92.9 %
Net Income 55.67 105.17 88.9 %
Average Shares 32.00 32.00 -
EPS (Riyals) 1.74 3.29 88.9 %

Total shareholders’ equity, after minority interest, stood at SAR 522.98 million by the end of the six-month period, from SAR 323.40 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
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


Financial Ratios
Current
Market Cap (M Riyal) 1,596.80
Enterprise Value (EV) (M) 1,555.40
Shares Outstanding ((M)) 32.00
Book Value (BV) ( Riyal) 18.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.39
Price/book 2.65
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Share Price

Obeikan Glass Co.
50.00
(0.20) (0.40 %)

Obeikan Glass Co. (OBEIKAN GLASS)

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