Obeikan Glass profits decrease to SAR 30 million in Q1 by 39%

Obeikan Glass Company net profit after zakat and tax decreased to SAR 30 million during the first quarter, compared to SAR 49 million in the same quarter of last year, by 39%. This came after the announcement on Monday of the interim financial results for the period ended on 31.03.2023 (three months).

The operational profit amounted to SAR 32 million in the first quarter, compared to SAR 52 million in the same quarter of the previous year, a decrease of 37%.

The gross profit amounted to SAR 47 million riyals in the current period, compared to SAR 73 million in the same period last year, a decrease of 35%.

Profits per share in the current period amounted to SAR 1.24, compared to SAR 2.04 in the same period last year.

The reason for the decrease in net profits during the current quarter compared to the same quarter of the previous year is due to the decrease in selling prices and the increase in the cost of raw materials and general and administrative expenses.

The reason for the increase in net profits during the current quarter compared to the previous quarter is due to the increase in the sales volume and the decrease in non-operating losses.