Zoujaj 9M 2024 profit rises to SAR 74.8M; Q3 at SAR 25.1M

Zoujaj 9M 2024 profit rises to SAR 74.8M; Q3 at SAR 25.1M

28/10/2024 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit surge to SAR 74.8 million for the first nine months of 2024, from SAR 21.7 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 114.48 102.04 (10.9 %)
Gross Income 26.11 23.82 (8.8 %)
Operating Income 15.91 8.68 (45.5 %)
Net Income 21.69 74.83 245.0 %
Average Shares 32.90 32.90 -
EPS (Riyals) 0.66 2.27 245.0 %

The profit growth was attributed to a higher profit share from associates producing float glass due to the full operation of the Saudi Guardian International Float Glass Co.’s plant.

 

However, this was offset by a fall in sales due to lower production quantities amid production line maintenance activities and the installation of new machinery for improving production quality.

 

The third-quarter net earnings also surged to SAR 25.10 million from SAR 12.70 million in Q3 2023, driven by a higher profit share from associates producing float glass as Saudi Guardian International Float Glass resumed full operations.

 

The glass manufacturer’s net profit declined 6.1% quarter-on-quarter (QoQ) from SAR 26.73 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 37.99 36.14 (4.9 %)
Gross Income 8.65 9.34 7.9 %
Operating Income 5.36 3.93 (26.7 %)
Net Income 12.72 25.15 97.7 %
Average Shares 32.90 32.90 -
EPS (Riyals) 0.39 0.76 97.7 %

Total shareholders' equity, with no minority interest, reached SAR 760.2 million as of Sept. 30, 2024, from SAR 696.9 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2023 37.99 24.7 % 8.65 1093.0 % 5.36 213.9 %
Q4 2023 39.44 27.7 % 9.09 418.2 % 2.14 129.5 %
Q1 2024 31.64 (14.7 %) 7.39 (24.3 %) 2.69 (62.1 %)
Q2 2024 34.25 (13.1 %) 7.10 (7.8 %) 2.06 (50.8 %)
Q3 2024 36.14 (4.9 %) 9.34 7.9 % 3.93 (26.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2023 12.72 (37.3 %) 0.39 - 12.72 0.39
Q4 2023 26.19 124.4 % 0.80 - 26.19 0.80
Q1 2024 22.94 167.1 % 0.70 - 22.94 0.70
Q2 2024 26.73 6979.7 % 0.81 - 26.73 0.81
Q3 2024 25.15 97.7 % 0.76 - 25.15 0.76

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2023 15.99 % 29.35 % 22.95 %
Q4 2023 22.87 % 32.67 % 31.11 %
Q1 2024 22.11 % 30.53 % 41.92 %
Q2 2024 22.48 % 29.50 % 61.81 %
Q3 2024 23.26 % 28.77 % 71.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 32.90 1.01 1.01 21.18
Q4 2023 32.90 1.46 1.46 21.93
Q1 2024 32.90 1.89 1.89 22.13
Q2 2024 32.90 2.69 2.69 22.94
Q3 2024 32.90 3.07 3.07 23.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 33.97 33.97 1.63
Q4 2023 27.49 27.49 1.82
Q1 2024 22.76 22.76 1.95
Q2 2024 16.04 16.04 1.88
Q3 2024 16.77 16.77 2.23

Current
Market Cap (M Riyal) 1,875.30
Enterprise Value (EV) (M) 1,866.73
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) 18.56
P/E (TTM) 18.56
Price/book 2.47
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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