Zoujaj H1 net profit down 88% to SAR 8.9 mln; Q2 at SAR 378,00

Zoujaj H1 net profit down 88% to SAR 8.9 mln; Q2 at SAR 378,00

27/07/2023 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit of SAR 8.9 million in H1 2023, a decline of 88% from SAR 72.4 million in the year-earlier period. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 50.97 76.49 50.1 %
Gross Income 7.16 17.46 143.8 %
Operating Income 0.68 10.55 1449.0 %
Net Income 72.37 8.97 (87.6 %)
Average Shares 32.90 32.90 -
EPS (Riyals) 2.20 0.27 (87.6 %)

The fall in profit was attributed to a decline in the company’s profit share from associates in the float glass business division due to the maintenance works at Saudi Guardian International Float Glass Co. and a profit drop at Guardian Zoujaj International Float Glass Co. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 22.70 39.40 73.6 %
Gross Income 2.29 7.70 237.0 %
Operating Income (0.91) 4.19 560.5 %
Net Income 37.09 0.38 (99.0 %)
Average Shares 32.90 32.90 -
EPS (Riyals) 1.13 0.01 (99.0 %)

The company reported a net profit of SAR 378,000 in Q2 2023 from SAR 37.09 million a year earlier.

 

On a quarterly basis, net earnings dropped by 95.6% from SAR 8.59 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 700.7 million as of June 30, 2023, compared to SAR 679.7 million in a prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 29.88 23.4 % 10.63 23.8 % 7.69 47.1 %
Q2 2014 21.24 (26.7 %) 6.39 (44.8 %) 3.10 (62.9 %)
Q3 2014 23.66 (2.3 %) 9.30 9.8 % 6.44 9.5 %
Q4 2014 25.25 2.5 % 10.41 21.4 % 7.25 36.8 %
Q1 2015 27.81 (6.9 %) 10.68 0.5 % 7.62 (1.0 %)
Q2 2015 23.17 9.1 % 8.48 32.8 % 5.48 76.9 %
Q3 2015 20.24 (14.5 %) 5.14 (44.8 %) 2.13 (66.9 %)
Q4 2015 32.67 29.4 % 11.40 9.5 % 7.06 (2.6 %)
Q1 2016 33.73 21.3 % 12.08 13.1 % 8.99 18.0 %
Q2 2016 32.85 41.8 % 9.50 12.0 % 6.42 17.2 %
Q3 2016 17.01 (16.0 %) 2.34 (54.4 %) (0.41) (119.4 %)
Q4 2016 17.24 (47.2 %) 3.06 (73.2 %) 0.21 (97.0 %)
Q1 2017 36.47 8.1 % 11.06 (8.4 %) 7.28 (19.0 %)
Q2 2017 26.49 (19.4 %) 7.21 (24.2 %) 4.29 (33.2 %)
Q3 2017 31.67 86.2 % 5.57 138.0 % 2.25 642.5 %
Q4 2017 22.27 29.2 % 2.48 (19.1 %) (2.42) (1251.9 %)
Q1 2018 24.65 (32.4 %) 8.72 (21.2 %) 5.03 (30.9 %)
Q2 2018 29.18 10.2 % 9.35 29.8 % 5.91 38.0 %
Q3 2018 24.56 (22.4 %) 6.90 23.8 % 3.74 66.7 %
Q4 2018 20.28 (8.9 %) 4.70 89.5 % 3.37 239.4 %
Q1 2019 25.97 5.4 % 6.48 (25.6 %) 3.53 (29.9 %)
Q2 2019 20.40 (30.1 %) 2.24 (76.0 %) (0.48) (108.1 %)
Q3 2019 13.58 (44.7 %) (2.73) (139.6 %) (5.22) (239.4 %)
Q4 2019 14.91 (26.5 %) (0.65) (113.9 %) (4.07) (220.6 %)
Q1 2020 22.11 (14.8 %) 2.49 (61.7 %) 0.06 (98.2 %)
Q2 2020 19.01 (6.8 %) 0.90 (59.9 %) (1.61) (237.7 %)
Q3 2020 16.22 19.4 % 0.10 103.6 % (2.81) 46.2 %
Q4 2020 15.96 7.0 % (5.74) (778.7 %) (10.56) (159.5 %)
Q1 2021 22.03 (0.4 %) 2.13 (14.2 %) (0.33) (612.5 %)
Q2 2021 16.75 (11.9 %) 0.64 (28.6 %) (2.78) (72.4 %)
Q3 2021 19.52 20.4 % (0.07) (175.5 %) (5.20) (85.0 %)
Q4 2021 28.62 79.4 % 0.09 101.6 % (5.96) 43.5 %
Q1 2022 28.28 28.3 % 4.88 128.6 % 1.59 585.1 %
Q2 2022 22.70 35.5 % 2.29 255.9 % (0.91) 67.2 %
Q3 2022 30.46 56.0 % (0.87) (1,077.0 %) (4.70) 9.5 %
Q4 2022 30.89 7.9 % (2.86) (3204.3 %) (7.28) (22.0 %)
Q1 2023 37.09 31.2 % 9.76 100.1 % 7.10 346.3 %
Q2 2023 39.40 73.6 % 7.70 237.0 % 4.19 560.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 14.83 72.0 % 0.49 - 14.83 0.49
Q2 2014 14.09 7.7 % 0.47 - 14.09 0.47
Q3 2014 16.86 25.8 % 0.56 - 16.86 0.56
Q4 2014 15.74 60.2 % 0.52 - 15.74 0.52
Q1 2015 18.64 25.7 % 0.62 - 18.64 0.62
Q2 2015 16.62 18.0 % 0.55 - 16.62 0.55
Q3 2015 6.30 (62.6 %) 0.21 - 6.30 0.21
Q4 2015 3.54 (77.5 %) 0.12 - 3.54 0.12
Q1 2016 13.66 (26.7 %) 0.46 - 13.66 0.46
Q2 2016 11.64 (30.0 %) 0.39 - 11.64 0.39
Q3 2016 4.70 (25.4 %) 0.16 - 4.70 0.16
Q4 2016 (7.82) (320.7 %) (0.26) (9.00) 1.19 0.04
Q1 2017 15.20 11.3 % 0.47 - 15.20 0.47
Q2 2017 37.61 223.2 % 1.17 26.75 10.85 0.34
Q3 2017 14.78 214.2 % 0.46 - 14.78 0.46
Q4 2017 (2.38) 69.6 % (0.07) (8.20) 5.82 0.18
Q1 2018 11.37 (25.2 %) 0.35 (5.60) 16.96 0.52
Q2 2018 11.56 (69.3 %) 0.35 (4.78) 16.34 0.50
Q3 2018 8.68 (41.3 %) 0.26 (5.42) 14.10 0.43
Q4 2018 0.14 105.7 % 0.00 (15.21) 15.35 0.47
Q1 2019 4.63 (59.3 %) 0.14 (3.22) 7.84 0.24
Q2 2019 (1.41) (112.2 %) (0.04) (0.69) (0.73) (0.02)
Q3 2019 (6.57) (175.7 %) (0.20) (0.66) (5.91) (0.18)
Q4 2019 (27.97) (20663.2 %) (0.85) (27.76) (0.21) (0.01)
Q1 2020 2.29 (50.5 %) 0.07 - 2.29 0.07
Q2 2020 (10.07) (612.4 %) (0.31) - (10.07) (0.31)
Q3 2020 2.64 140.1 % 0.08 - 2.64 0.08
Q4 2020 (5.89) 78.9 % (0.18) - (5.89) (0.18)
Q1 2021 9.79 327.9 % 0.30 - 9.79 0.30
Q2 2021 10.05 199.7 % 0.31 - 10.05 0.31
Q3 2021 19.05 622.5 % 0.58 - 19.05 0.58
Q4 2021 12.22 307.5 % 0.37 - 12.22 0.37
Q1 2022 35.28 260.2 % 1.07 - 35.28 1.07
Q2 2022 37.09 269.2 % 1.13 (2.83) 39.93 1.21
Q3 2022 20.29 6.5 % 0.62 (1.67) 21.97 0.67
Q4 2022 11.67 (4.5 %) 0.35 - 11.67 0.35
Q1 2023 8.59 (75.7 %) 0.26 - 8.59 0.26
Q2 2023 0.38 (99.0 %) 0.01 - 0.38 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 37.55 % 31.98 % 66.68 %
Q2 2015 38.92 % 32.33 % 67.93 %
Q3 2015 35.98 % 29.97 % 59.40 %
Q4 2015 34.37 % 31.29 % 43.42 %
Q1 2016 33.79 % 34.71 % 36.54 %
Q2 2016 31.90 % 36.13 % 29.41 %
Q3 2016 30.38 % 37.26 % 28.85 %
Q4 2016 26.76 % 36.55 % 30.93 %
Q1 2017 25.07 % 35.55 % 31.60 %
Q2 2017 24.35 % 37.55 % 32.86 %
Q3 2017 24.05 % 36.80 % 37.56 %
Q4 2017 22.52 % 34.31 % 39.91 %
Q1 2018 22.82 % 35.90 % 46.08 %
Q2 2018 24.24 % 36.67 % 50.02 %
Q3 2018 27.27 % 40.70 % 52.88 %
Q4 2018 30.07 % 47.29 % 63.60 %
Q1 2019 27.43 % 45.31 % 53.63 %
Q2 2019 22.28 % 42.24 % 40.08 %
Q3 2019 13.33 % 36.44 % 20.64 %
Q4 2019 7.14 % 28.99 % 1.34 %
Q1 2020 1.89 % 24.63 % (6.41 %)
Q2 2020 - 22.70 % (19.96 %)
Q3 2020 3.92 % 24.40 % (7.41 %)
Q4 2020 (3.08 %) 16.93 % (15.05 %)
Q1 2021 (3.56 %) 17.15 % (4.82 %)
Q2 2021 (4.04 %) 16.82 % 23.38 %
Q3 2021 (4.09 %) 15.22 % 44.44 %
Q4 2021 3.21 % 16.75 % 58.80 %
Q1 2022 5.94 % 19.04 % 82.21 %
Q2 2022 7.24 % 20.71 % 107.42 %
Q3 2022 5.80 % 18.77 % 99.39 %
Q4 2022 3.06 % 19.46 % 96.90 %
Q1 2023 6.87 % 22.25 % 67.82 %
Q2 2023 9.96 % 23.49 % 30.91 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2015 30.00 1.91 1.91 19.19
Q4 2015 30.00 1.50 1.50 19.31
Q1 2016 30.00 1.34 1.34 19.73
Q2 2016 30.00 1.17 1.17 19.55
Q3 2016 30.00 1.12 1.12 18.93
Q4 2016 30.00 0.74 1.04 18.50
Q1 2017 32.18 0.74 1.02 19.06
Q2 2017 32.18 1.54 0.99 19.35
Q3 2017 32.18 1.86 1.31 19.30
Q4 2017 32.18 2.03 1.45 19.46
Q1 2018 32.90 1.87 1.47 19.53
Q2 2018 32.90 1.07 1.64 19.33
Q3 2018 32.90 0.89 1.62 19.77
Q4 2018 32.90 0.96 1.91 19.83
Q1 2019 32.90 0.76 1.63 20.21
Q2 2019 32.90 0.37 1.11 19.08
Q3 2019 32.90 (0.10) 0.50 18.88
Q4 2019 32.90 (0.95) 0.03 18.05
Q1 2020 32.90 (1.02) (0.14) 18.10
Q2 2020 32.90 (1.29) (0.42) 17.75
Q3 2020 32.90 (1.01) (0.16) 17.83
Q4 2020 32.90 (0.34) (0.34) 17.94
Q1 2021 32.90 (0.11) (0.11) 18.36
Q2 2021 32.90 0.50 0.50 18.63
Q3 2021 32.90 1.00 1.00 19.24
Q4 2021 32.90 1.55 1.55 19.46
Q1 2022 32.90 2.33 2.33 20.03
Q2 2022 32.90 3.15 3.24 20.66
Q3 2022 32.90 3.19 3.32 21.28
Q4 2022 32.90 3.17 3.31 21.02
Q1 2023 32.90 2.36 2.50 21.29
Q2 2023 32.90 1.24 1.29 21.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 17.33 17.33 1.73
Q4 2015 19.19 19.19 1.49
Q1 2016 16.87 16.87 1.14
Q2 2016 19.52 19.52 1.17
Q3 2016 15.41 15.41 0.91
Q4 2016 29.51 20.99 1.18
Q1 2017 26.07 18.90 1.08
Q2 2017 13.15 20.46 1.03
Q3 2017 11.79 16.77 1.11
Q4 2017 10.63 14.86 1.08
Q1 2018 11.07 14.03 1.06
Q2 2018 18.67 12.23 1.04
Q3 2018 20.49 11.25 0.92
Q4 2018 18.66 9.44 0.91
Q1 2019 24.21 11.29 0.91
Q2 2019 48.97 16.11 0.94
Q3 2019 NEG 35.88 0.96
Q4 2019 NEG More than 100 0.98
Q1 2020 NEG NEG 0.76
Q2 2020 NEG NEG 0.91
Q3 2020 NEG NEG 1.64
Q4 2020 NEG NEG 1.52
Q1 2021 NEG NEG 2.03
Q2 2021 84.58 84.58 2.29
Q3 2021 40.02 40.02 2.09
Q4 2021 28.32 28.32 2.26
Q1 2022 17.63 17.63 2.05
Q2 2022 10.29 10.01 1.57
Q3 2022 12.08 11.58 1.81
Q4 2022 10.33 9.90 1.56
Q1 2023 14.00 13.24 1.55
Q2 2023 31.19 29.96 1.82

Current
Market Cap (M Riyal) 1,770.02
Enterprise Value (EV) (M) 1,761.45
Shares Outstanding ((M)) 32.90
EPS ( Riyal) (TTM) 3.07
Book Value (BV) ( Riyal) 23.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.52
P/E (TTM) 17.52
Price/book 2.33
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 13.9

Share Price

The National Company for Glass Industries (ZOUJAJ)


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