Obeikan Glass records profit jump of 904% in 2021

Obeikan Glass Co. announced that its profits after zakat and tax rose 904% to SR 174 million in 2021 from SR 17 million during the same period of 2020.

The company’s operational profit also jumped by 585% to SR 186 million from SR 27 million in the same period a year ago.

Gross profits of the company soared by 224% to SR 251 million in 2021 from SR 78 million in the same period of the previous year, while profit per share (EPS) rose to SR 7.24 from SR 0.72.

The company’s higher profits were due to:

– The increase in sales volume as a result of the increase in demand as well as a result of the increase in selling prices of products and the expansion of the company in new markets and the decrease in financing costs despite the increase in selling and distribution expenses, the increase in general and administrative expenses and the increase in other expenses, as well as the increase in zakat during the current year compared to the previous year.

Some comparative figures for the previous year have been reclassified and amended to conform to the classification used for the current year. For more information, please refer to Note No. 29 attached to the annual financial statements for the year 2021.

Additional Information:

– Total shareholders’ equity (there are no minority equity) at the end of the current year amounted to 417.81 million Saudi Riyals, compared to 267.73 million Saudi Riyals at the end of the previous year, with increase of 56.06%.

– Total comprehensive income for the current year amounted to 174.08 million Saudi Riyals, compared to 12.03 million Saudi Riyals for the previous year, with increase of 1347.05%.

– The company would like to note that the results announced today are what was announced by the company on 07-March-2022 on the Saudi Stock Exchange (Tadawul) website without any changes. Today, the company received the final report accompanied by the financial statements signed by the external auditor after the reasons related to the external auditor are no more there which prevented him from sending final report accompanied by the financial statements related of Obeikan Glass Company at an earlier time.