Obeikan Glass profits decrease to SR49.3 mln during Q3, by 20%

The net profit after zakat and tax for Obeikan Glass Company declined to SR49.3 million during the third quarter, compared to SR61.4 million in the same quarter of last year, by 20%.
This came after the announcement on Sunday of the preliminary financial results for the period ending on September 30, 2022 (9 months).
The operational profit amounted to SR52 million in the third quarter, compared to SR64 million in the same quarter of the previous year, down 19%.
The gross profit, it amounted to SR66 million in the third quarter, compared to SR80 million in the same quarter of the previous year, a decrease of 17%.
The net profit after zakat and tax in the 9-month period amounted to SR154.4 million, compared to SR117 million in the same period last year, a growth of 32%.
Profits per share in the current period reached SR6.43, compared to SR4.88 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
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 increase in the cost of raw materials and the increase in general and administrative expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reason for the decrease in net profits during the current quarter compared to the previous quarter is due to the decrease in sales, the increase in the cost of raw materials and the increase in general and administrative expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reason for the increase in net profit during the current period of this year compared to the similar period of the previous year is due to the increase in sales volume as a result of continued demand for the company’s products despite the increase in the cost of raw materials, increase in general and administrative expenses and the increase in other expenses and the decrease in financing costs during the current period compared to the similar period for previous year.
– Gross shareholders’ equity (there are no minority equity) at the end of the current period amounted to SR524.24 million, compared to SR384.75 million at the end of the similar period for previous year, with increase of 36.25%.
– Gross comprehensive income for the current period amounted to SR154.43 million, compared to SR117.02 million for the similar period for previous year, with increase of 31.97%.