Obeikan Glass reports 904% profit jump in 2021

Obeikan Glass Co. said that its profit (after zakat and tax) leaped 904% to SR 174 million in 2021 from just SR 17 million.

The Saudi company reported operational profit jump of 585% to SR 186 million last year from SR 27 million in 2020.

It added in its financial result statement published on Tadawul that gross profit of 2021 rose by 224% to SR 251 million last year from SR 78 million the year earlier, while earning per share (EPS) hit SR 7.24 against SR 0.72 in 2020.

According to the statement, higher profits of Obeikan Glass Co. were spurred by higher sales volume as a result of demand increase as well as a result of the higher selling prices of products and expansion in new markets besides lower financing costs despite higher selling and distribution/administrative expenses.