Obeikan Glass records a profit of SR177.6 mln during 2022, up ‎‎2%‎

Obeikan Glass Company revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 177.6 million riyals, compared to 173.6 million riyals in the previous year, at a rate of 2.2%. This came after today’s announcement of the annual financial results ending in 31-12-2022.

The operational profit amounted to 189.1 million riyals during the year ending on December 31, 2022, compared to 185.7 million riyals last year, an increase of 2%.

The total shareholders’ equity “without minority rights” amounted to 535.8 million riyals in the current year, compared to 417.8 million riyals in the previous year, an increase of 28.2%.

Earnings per share in the current year reached 7.4 riyals, compared to 7.24 riyals in the previous year.

The reason for the increase in net profit during this year compared to the previous year is due to:

The increase in product prices as a result of the increase in demand, the expansion of the company in new markets, the decrease in financing costs, as well as the decrease in selling and distribution expenses despite the increase in the cost of production inputs and the increase in general and administrative expenses, as well as the increase in the provision for zakat as a result of the increase in the zakat base during the current fiscal year compared to the previous year. ..

Additional information:

– The total shareholders’ equity (there are no minority interests) as at the end of the current year amounted to 535.86 million riyals, compared to 417.81 million riyals as at the end of the previous year, with an increase of 28.25%.

– The total comprehensive income for the current year amounted to 166.05 million riyals, compared to 174.08 million riyals for the previous year, with a decrease of 4.61%.