Obeikan Glass profit drops 49% to SAR 54 mln in H1 2023; Q2 at SAR 24.2 mln

Obeikan Glass profit drops 49% to SAR 54 mln in H1 2023; Q2 at SAR 24.2 mln

08/08/2023 Argaam Exclusive

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Obeikan Glass Co. reported a net profit of SAR 54 million for the first half of 2023, dropping 49% from SAR 105.2 million in the year-earlier period.


Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 260.54 216.16 (17.0 %)
Gross Income 149.99 88.82 (40.8 %)
Operating Income 115.04 57.50 (50.0 %)
Net Income 105.17 54.04 (48.6 %)
Average Shares 32.00 32.00 -
EPS (Riyals) 3.29 1.69 (48.6 %)

The profit decline was due to lower selling prices, higher cost of raw materials as well as an increase in general and administrative expenses.

 

The second-quarter net earnings dropped 56.8% to SAR 24.23 million, compared with SAR 56.11 million a year before.

 

Compared with Q1 2023, the second-quarter net earnings fell 18.7% from SAR 29.81 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 260.54 216.16 (17.0 %)
Gross Income 149.99 88.82 (40.8 %)
Operating Income 115.04 57.50 (50.0 %)
Net Income 105.17 54.04 (48.6 %)
Average Shares 32.00 32.00 -
EPS (Riyals) 3.29 1.69 (48.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 588.02 million by the end of the six-month period, up from SAR 522.98 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H2 2022 72.48 (38.6 %) 2.27 - 72.48 2.27
H1 2023 54.04 (48.6 %) 1.69 - 54.04 1.69

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H2 2022 51.02 % 45.15 % 35.38 %
H1 2023 42.60 % 37.05 % 27.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H2 2022 32.00 5.55 5.55 16.75
H1 2023 32.00 3.95 3.95 18.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H2 2022 11.97 11.97 3.97
H1 2023 15.93 15.93 3.43


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
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Share Price

Obeikan Glass Co.
50.20
0.00 0.00 %

Obeikan Glass Co. (OBEIKAN GLASS)

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