The profit growth was driven by an increase in sales resulting from higher demand and selling prices, in addition to the company’s expansion in new markets and lower financing costs.
Obeikan Glass Co.’s net profit rose to SAR 173.7 million for 2021, from SAR 17.3 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 261.33 | 463.24 | 77.3 % |
| Gross Income | 77.68 | 251.45 | 223.7 % |
| Operating Income | 27.12 | 185.77 | 585.0 % |
| Net Income | 17.30 | 173.68 | 904.2 % |
| Average Shares | 24.00 | 24.00 | – |
| EPS (Riyals) | 0.72 | 7.24 | 904.2 % |
The profit growth was driven by an increase in sales resulting from higher demand and selling prices, in addition to the company’s expansion in new markets and lower financing costs.
This was partially offset by higher general and administrative expenses, other expenses and Zakat expense.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | – | – | – |
| Gross Income | – | – | – |
| Operating Income | – | – | – |
| Net Income | – | – | – |
| Average Shares | – | – | – |
| EPS (Riyals) | – | – | – |
Source: https://www.argaam.com/en/financial-reports/company-report/3106/2021/1?preview=true