Glass Profits Jump 673% during the 3Q to SR20 Million

The National Company for Glass Industries net profit after zakat and tax jumped to SR20 million during the 3Q, compared to SR2.6 million during the same quarter of the previous year, at a rate of 673%.

This came after the National Company for Glass Industries announcement on Sunday about its interim financial results for the period ending on 30-09-2021(Nine Months).

The gross profit amounted to SR0.5 million during the 3Q, compared to SR0.1 million during the same quarter of the previous year, a growth of 400%.

As for the operational loss, it amounted to SR4.6 million during the 3Q, compared to a loss of SR2.8 million during the same quarter of the previous year, an increase of 2.8%.

The National Company for Glass Industries net profit after zakat and tax during the current period amounted to SR39 million, compared to a loss of SR5 million during the same period of the previous year.

Profits per share during the current period amounted to SR1.2, compared to a loss of SR0.16 during the same period of the previous year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to:

Increase in associated companies’ operational profit in the float glass sector due to better performance.

The reason for the increase in net profit during the current quarter compared to the previous quarter is due to the increase in associated companies’ profit in the float glass sector due to better performance.

The reason for the increase in net profit for the current period compared to the same period of the previous year was due to the increase in associated companies’ operational profit in the float glass sector due to better performance

The comparative figures have been reclassified to conform to the presentation in the current period

There was an increase in operational losses for this year more than last year due to the existence of provision for impairment of trade receivables.

The comparative figures have been reclassified to conform to the presentation in the current period as follows:

Finance cost SR2.2 million and Loss from discontinued operations SR0.2 million moved from operational expense to non-operational expenses. Based on this, the operational loss before reclassification SR6.7 million reduced to SR4.2 million after reclassification.

Reclassification for the three months ended 30 September 2020 are mainly from Finance cost SR0.7 million and loss from discontinued operations SR0.1 million moved from operational expense to non-operational expenses. Based on this, the operational loss before reclassification SR3.6 million reduced to SR2.8 million after reclassification.

The above reclassifications have no impact to the net Income (loss) for the periods, it was reclassified last year.