The National Company for Glass Industries (ZOUJAJ) reported a net profit after Zakat and tax of SAR 2.3 million in the first quarter of 2020, a 50% year-on-year (YoY) drop, compared to SAR 4.6 million in the same year-earlier period.
The company attributed the decline to operating losses from the glass container business on lower sales, and lower share of profits from associates operating in flat glass activity.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 25.97 | 22.11 | (14.8 %) |
| Gross Income | 6.48 | 2.49 | (61.7 %) |
| Operating Income | 3.53 | 0.06 | (98.2 %) |
| Net Income | 4.63 | 2.29 | (50.5 %) |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | 0.14 | 0.07 | (50.5 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 14.91 | 22.11 | 48.3 % |
| Gross Income | (0.65) | 2.49 | 480.7 % |
| Operating Income | (4.07) | 0.06 | 101.6 % |
| Net Income | (27.97) | 2.29 | 108.2 % |
| Average Shares | 32.90 | 32.90 | - |
| EPS (Riyals) | (0.85) | 0.07 | 108.2 % |
The company turned to profit in Q1 compared to a net loss of SAR 26.5 million in the previous quarter mainly due to higher sales in glass container business.
Also, the previous saw associate firm write off receivables worth SAR 20.3 million.
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