Obeikan Glass profit falls 58% to SAR 29.9M in 9M 2024

24/11/2024 Argaam Exclusive

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Obeikan Glass Co. posted a 58% slump in net profits during the first nine months of 2024 to SAR 29.9 million from SAR 71.7 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	309.97	254.94	(17.8 %)
Gross Income	119.87	90.71	(24.3 %)
Operating Income	75.60	44.06	(41.7 %)
Net Income	71.73	29.90	(58.3 %)
Average Shares	32.00	32.00	-
EPS (Riyals)	2.24	0.93	(58.3 %)

The decline in profit was attributed to lower revenues, driven by a decrease in the average selling prices of the company's products amid the global decline in prices.

The company also reported an increase in general and administrative expenses by SAR 8 million, attributed to its new investment and its share of the founding costs and pre-operational expenses for the Saudi Aluminum Casting Foundry subsidiary.

The accounting treatment of this investment, involving the consolidation of financial statements, led to additional expenses that were reflected in the company’s income statement for the period.

The third-quarter net profit retreated 49.4% to SAR 8.9 million from SAR 10 million a year earlier.

On a sequential basis, net profit fell 10.5% from SAR 10 million in Q2 2024.

Shareholders’ equity, after minority interest, declined to SAR 574.81 million as of Sept. 30, 2024, from SAR 605.71 million a year earlier.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	257.86	-	91.84	-	40.70	-
H1 2020	96.65	-	27.10	-	2.43	-
H2 2020	164.69	-	50.58	-	18.87	-
2020	261.33	1.3 %	77.68	(15.4 %)	21.30	(47.7 %)
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 %
2021	463.24	77.3 %	251.45	223.7 %	186.23	774.4 %
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 %
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 %)
2023	393.98	(21.5 %)	149.70	(41.6 %)	76.81	(59.1 %)
H1 2024	167.13	(22.7 %)	59.87	(32.6 %)	26.91	(53.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	257.86	-	91.84	-	40.70	-
2020	261.33	1.3 %	77.68	(15.4 %)	21.30	(47.7 %)
2021	463.24	77.3 %	251.45	223.7 %	186.23	774.4 %
2022	502.18	8.4 %	256.20	1.9 %	187.80	0.8 %
2023	393.98	(21.5 %)	149.70	(41.6 %)	76.81	(59.1 %)

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	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	27.70	-	0.87	(2.26)	29.96	0.94
H1 2020	(1.10)	-	(0.03)	-	(1.10)	(0.03)
H2 2020	18.39	-	0.57	-	18.39	0.57
2020	17.30	(37.6 %)	0.54	-	17.30	0.54
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
2021	173.68	904.2 %	5.43	(2.98)	176.66	5.52
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
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
2023	67.66	(61.9 %)	2.11	(7.00)	74.66	2.33
H1 2024	23.07	(57.3 %)	0.72	(5.30)	28.37	0.89

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	27.70	-	0.87	(2.26)	29.96	0.94
2020	17.30	(37.6 %)	0.54	-	17.30	0.54
2021	173.68	904.2 %	5.43	(2.98)	176.66	5.52
2022	177.65	2.3 %	5.55	-	177.65	5.55
2023	67.66	(61.9 %)	2.11	(7.00)	74.66	2.33

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	35.62 %	28.82 %	11.62 %
H1 2020	-	-	-
H2 2020	29.73 %	21.17 %	6.62 %
2020	29.73 %	21.17 %	6.62 %
H1 2021	38.63 %	30.79 %	20.10 %
H2 2021	54.28 %	48.27 %	38.14 %
2021	54.28 %	48.27 %	38.14 %
H1 2022	59.56 %	53.82 %	43.49 %
H2 2022	51.02 %	45.15 %	35.38 %
2022	51.02 %	45.15 %	35.38 %
H1 2023	42.60 %	37.05 %	27.64 %
H2 2023	38.00 %	29.59 %	18.95 %
2023	38.00 %	29.59 %	18.95 %
H1 2024	35.01 %	25.00 %	14.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	35.62 %	28.82 %	11.62 %
2020	29.73 %	21.17 %	6.62 %
2021	54.28 %	48.27 %	38.14 %
2022	51.02 %	45.15 %	35.38 %
2023	38.00 %	29.59 %	18.95 %

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	28.04 %	20.74 %	(1.14 %)
H2 2020	30.71 %	21.43 %	11.17 %
H1 2021	45.02 %	38.36 %	27.32 %
H2 2021	61.55 %	56.06 %	46.64 %
H1 2022	57.57 %	51.59 %	40.37 %
H2 2022	43.95 %	38.21 %	30.00 %
H1 2023	41.09 %	35.74 %	25.00 %
H2 2023	34.24 %	22.11 %	11.60 %
H1 2024	35.82 %	28.07 %	16.98 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	32.00	0.87	0.94	7.99
2020	32.00	0.54	0.54	8.37
2021	32.00	5.43	5.52	13.06
2022	32.00	5.55	5.55	16.75
2023	32.00	2.11	2.33	18.81

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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	11.97	11.97	3.97
2023	26.01	23.57	2.92

Share Price

Obeikan Glass Co. (OBEIKAN GLASS)

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Obeikan Glass profit falls 58% to SAR 29.9M in 9M 2024

View other reports

Financials (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Share Price

Obeikan Glass Co. (OBEIKAN GLASS)

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