Zoujaj H1 net profit up 22% at SAR 35 mln

13/07/2015 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj), a manufacturer of glass bottles and float glass, reported a net profit of SAR 35.3 million for H1-2015, 22.15 percent higher compared to the same period in 2014.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	51.12	50.98	(0.3 %)
Gross Income	17.02	19.17	12.6 %
Operating Income	10.79	13.09	21.4 %
Net Income	28.92	35.26	21.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.96	1.18	21.9 %

The second-quarter net profit reached SAR 16.6 million, 10.75 percent lower when compared to the SAR 18.6 million booked in the previous quarter.

However, when compared to the second quarter of 2014, the net profit for the period came in 17.73 percent higher.

The rise in profit in the first half was mainly driven by higher sales of glass bottles and associates' improved float glass business compared to the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	21.24	23.17	9.1 %
Gross Income	6.39	8.48	32.8 %
Operating Income	3.10	5.48	76.9 %
Net Income	14.09	16.62	18.0 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.47	0.55	18.0 %

Item	Q1 2015	Q2 2015	Change‬
Revenues	27.81	23.17	(16.7 %)
Gross Income	10.68	8.48	(20.6 %)
Operating Income	7.62	5.48	(28.1 %)
Net Income	18.64	16.62	(10.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.62	0.55	(10.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	21.42	10.0 %	9.76	41.4 %	48.73	230.6 %	1.62
Q2 2006	20.15	(14.9 %)	7.35	(16.3 %)	16.13	(59.7 %)	0.54
Q3 2006	10.63	(53.8 %)	1.01	(87.7 %)	8.88	(62.0 %)	0.30
Q4 2006	24.66	14.4 %	9.42	30.4 %	(25.43)	(149.2 %)	(0.85)
2006	76.86	(12.4 %)	27.53	(11.5 %)	48.31	(62.8 %)	1.61
Q1 2007	25.39	18.5 %	10.26	5.2 %	21.04	(56.8 %)	0.70
Q2 2007	27.76	37.8 %	10.12	37.6 %	19.28	19.6 %	0.64
Q3 2007	27.74	160.9 %	10.64	954.1 %	21.17	138.4 %	0.71
Q4 2007	25.39	2.9 %	10.50	11.5 %	18.89	174.3 %	0.63
2007	106.28	38.3 %	41.52	50.8 %	80.38	66.4 %	2.68
Q1 2008	26.65	5.0 %	12.11	18.0 %	25.34	20.4 %	0.84
Q2 2008	27.80	0.1 %	10.24	1.2 %	19.77	2.5 %	0.66
Q3 2008	28.17	1.6 %	10.83	1.8 %	22.07	4.2 %	0.74
Q4 2008	25.89	2.0 %	9.40	(10.5 %)	0.52	(97.2 %)	0.02
2008	108.52	2.1 %	42.58	2.6 %	67.70	(15.8 %)	2.26
Q1 2009	36.12	35.5 %	19.03	57.1 %	20.61	(18.7 %)	0.69
Q2 2009	31.76	14.2 %	15.76	53.9 %	10.35	(47.6 %)	0.35
Q3 2009	26.74	(5.1 %)	13.68	26.4 %	9.95	(54.9 %)	0.33
Q4 2009	27.70	7.0 %	12.65	34.5 %	4.60	780.3 %	0.15
2009	122.32	12.7 %	61.11	43.5 %	45.53	(32.7 %)	1.52
Q1 2010	30.22	(16.3 %)	13.88	(27.0 %)	17.43	(15.4 %)	0.58
Q2 2010	28.29	(10.9 %)	12.22	(22.4 %)	18.96	83.2 %	0.63
Q3 2010	24.67	(7.7 %)	10.72	(21.7 %)	20.20	102.9 %	0.67
Q4 2010	27.62	(0.3 %)	13.15	3.9 %	14.46	214.1 %	0.48
2010	110.80	(9.4 %)	49.97	(18.2 %)	71.05	56.1 %	2.37
Q1 2011	31.66	4.7 %	13.19	(5.0 %)	24.96	43.2 %	0.83
Q2 2011	32.76	15.8 %	12.16	(0.5 %)	29.70	56.7 %	0.99
Q3 2011	27.17	10.1 %	9.45	(11.9 %)	21.15	4.7 %	0.70
Q4 2011	26.39	(4.5 %)	8.84	(32.8 %)	5.32	(63.3 %)	0.18
2011	117.97	6.5 %	43.63	(12.7 %)	81.11	14.2 %	2.70
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	87.74	4.3 %	31.11	34.1 %	129.83	132.1 %	4.33
2006	76.86	(12.4 %)	27.53	(11.5 %)	48.31	(62.8 %)	1.61
2007	106.28	38.3 %	41.52	50.8 %	80.38	66.4 %	2.68
2008	108.52	2.1 %	42.58	2.6 %	67.70	(15.8 %)	2.26
2009	122.32	12.7 %	61.11	43.5 %	45.53	(32.7 %)	1.52
2010	110.80	(9.4 %)	49.97	(18.2 %)	71.05	56.1 %	2.37
2011	117.97	6.5 %	43.63	(12.7 %)	81.11	14.2 %	2.70
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	37.87 %	42.23 %	182.64 %
Q2 2006	37.76 %	40.84 %	162.32 %
Q3 2006	34.35 %	38.66 %	169.96 %
Q4 2006	35.82 %	40.80 %	62.85 %
2006	35.82 %	40.80 %	62.85 %
Q1 2007	34.69 %	40.98 %	25.51 %
Q2 2007	34.83 %	42.21 %	26.89 %
Q3 2007	38.31 %	44.18 %	34.17 %
Q4 2007	39.06 %	43.62 %	75.64 %
2007	39.06 %	43.62 %	75.64 %
Q1 2008	40.32 %	43.64 %	78.74 %
Q2 2008	40.42 %	42.88 %	79.16 %
Q3 2008	40.44 %	42.01 %	79.68 %
Q4 2008	39.24 %	40.58 %	62.38 %
2008	39.24 %	40.58 %	62.38 %
Q1 2009	41.95 %	43.47 %	53.37 %
Q2 2009	45.11 %	47.00 %	43.91 %
Q3 2009	48.02 %	50.27 %	34.38 %
Q4 2009	49.96 %	53.12 %	37.21 %
2009	49.96 %	53.13 %	37.22 %
Q1 2010	48.08 %	51.21 %	36.37 %
Q2 2010	46.43 %	49.59 %	45.10 %
Q3 2010	44.62 %	47.25 %	55.19 %
Q4 2010	45.10 %	47.36 %	64.12 %
2010	45.10 %	47.36 %	64.12 %
Q1 2011	43.90 %	45.40 %	70.02 %
Q2 2011	42.16 %	43.31 %	76.54 %
Q3 2011	40.21 %	41.73 %	75.73 %
Q4 2011	36.98 %	38.01 %	68.76 %
2011	36.98 %	38.00 %	68.76 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	35.45 %	40.71 %	147.97 %
2006	35.82 %	40.80 %	62.85 %
2007	39.06 %	43.62 %	75.64 %
2008	39.24 %	40.58 %	62.38 %
2009	49.96 %	53.13 %	37.22 %
2010	45.10 %	47.36 %	64.12 %
2011	36.98 %	38.00 %	68.76 %
2012	37.10 %	37.24 %	38.72 %
2013	36.46 %	35.03 %	44.04 %
2014	36.72 %	32.85 %	61.49 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	45.54 %	47.06 %	227.48 %
Q2 2006	36.46 %	36.12 %	80.02 %
Q3 2006	9.49 %	26.12 %	83.55 %
Q4 2006	38.21 %	45.51 %	(103.12 %)
Q1 2007	40.42 %	46.67 %	82.87 %
Q2 2007	36.43 %	41.36 %	69.45 %
Q3 2007	38.35 %	43.54 %	76.32 %
Q4 2007	41.36 %	43.13 %	74.41 %
Q1 2008	45.43 %	46.62 %	95.05 %
Q2 2008	36.83 %	38.42 %	71.11 %
Q3 2008	38.44 %	40.18 %	78.34 %
Q4 2008	36.31 %	37.09 %	2.02 %
Q1 2009	52.67 %	54.49 %	57.05 %
Q2 2009	49.61 %	52.61 %	32.60 %
Q3 2009	51.17 %	54.54 %	37.22 %
Q4 2009	45.66 %	50.53 %	16.62 %
Q1 2010	45.94 %	47.41 %	57.66 %
Q2 2010	43.21 %	46.32 %	67.03 %
Q3 2010	43.44 %	44.43 %	81.88 %
Q4 2010	47.59 %	50.98 %	52.36 %
Q1 2011	41.65 %	40.45 %	78.86 %
Q2 2011	37.12 %	38.76 %	90.67 %
Q3 2011	34.77 %	37.38 %	77.82 %
Q4 2011	33.49 %	34.79 %	20.14 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	30.00	5.46	5.46	14.53
Q2 2006	30.00	4.66	4.66	13.42
Q3 2006	30.00	4.18	4.18	12.81
Q4 2006	30.00	1.61	1.61	12.23
Q1 2007	30.00	0.69	0.69	12.45
Q2 2007	30.00	0.79	0.79	12.06
Q3 2007	30.00	1.20	1.20	13.27
Q4 2007	30.00	2.68	2.68	14.76
Q1 2008	30.00	2.82	2.82	14.69
Q2 2008	30.00	2.84	2.84	14.14
Q3 2008	30.00	2.87	2.87	14.52
Q4 2008	30.00	2.26	2.26	14.27
Q1 2009	30.00	2.10	2.10	14.87
Q2 2009	30.00	1.79	1.79	14.36
Q3 2009	30.00	1.38	1.38	14.80
Q4 2009	30.00	1.52	1.52	15.15
Q1 2010	30.00	1.41	1.41	15.94
Q2 2010	30.00	1.70	1.70	15.78
Q3 2010	30.00	2.04	2.04	16.58
Q4 2010	30.00	2.37	2.37	17.50
Q1 2011	30.00	2.62	2.62	18.66
Q2 2011	30.00	2.98	2.98	18.06
Q3 2011	30.00	3.01	3.01	18.60
Q4 2011	30.00	2.70	2.70	19.12
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	30.00	4.33	4.33	12.90
2006	30.00	1.61	1.61	12.23
2007	30.00	2.68	2.68	14.76
2008	30.00	2.26	2.26	14.27
2009	30.00	1.52	1.52	15.15
2010	30.00	2.37	2.37	17.50
2011	30.00	2.70	2.70	19.12
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	14.70	14.70	5.53
Q2 2006	23.52	23.52	8.17
Q3 2006	21.83	21.83	7.12
Q4 2006	25.08	25.08	3.30
Q1 2007	57.50	57.50	3.17
Q2 2007	43.24	43.24	2.84
Q3 2007	37.63	37.63	3.41
Q4 2007	22.00	22.00	3.99
Q1 2008	19.02	19.02	3.65
Q2 2008	23.66	23.66	4.75
Q3 2008	17.12	17.12	3.38
Q4 2008	11.75	11.75	1.86
Q1 2009	12.32	12.32	1.74
Q2 2009	17.00	17.00	2.11
Q3 2009	21.77	21.77	2.03
Q4 2009	18.37	18.37	1.84
Q1 2010	20.40	20.40	1.81
Q2 2010	14.53	14.53	1.56
Q3 2010	13.44	13.44	1.65
Q4 2010	12.87	12.87	1.74
Q1 2011	12.48	12.48	1.75
Q2 2011	12.41	12.41	2.05
Q3 2011	12.83	12.83	2.08
Q4 2011	14.48	14.48	2.05
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

Period	P/E	Adjusted P/E	Price/book
2005	24.13	24.13	8.09
2006	25.08	25.08	3.30
2007	22.00	22.00	3.99
2008	11.75	11.75	1.86
2009	18.37	18.37	1.84
2010	12.87	12.87	1.74
2011	14.48	14.48	2.05
2012	19.29	19.29	1.49
2013	21.97	21.97	1.67
2014	17.51	17.51	1.75

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	17.90	16.62	(7.2 %)

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
Riyad Capital	17.90	16.62	(7.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,411.41
Enterprise Value (EV) (M)	1,376.05
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)	22.68
P/E (TTM)	22.68
Price/book	1.94
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 H1 net profit up 22% at SAR 35 mln

View other reports

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

The National Company for Glass Industries (ZOUJAJ)

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