Riyadh – Obeikan Glass Company posted a net profit after Zakat and tax of SAR 71.73 million in the first nine months (9M) of 2023, down by 53.55% year-on-year (YoY) from SAR 154.43 million.

The earnings per share (EPS) of Obeikan Glass also decreased to SAR 2.99 in 9M-23, compared to SAR 6.43 in 9M-22, according to the preliminary financial statements.

The company’s revenues fell by 20.58% YoY to SAR 309.97 million in 9M-23 from SAR 390.29 million.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, Obeikan Glass reported a 64.09% plummet in net profit after Zakat and tax to SAR 17.69 million from SAR 49.26 million in Q3-22.

The revenues also dropped by 27.70% YoY to SAR 93.81 million in Q3-23 from SAR 129.75 million.

On a quarterly basis, the net profit in Q3-23 decreased by 26.99% from SAR 24.23 million in Q2-23. The revenues also declined by 8.65% from SAR 102.69 million in Q2-23.

It is worth noting that in September 2023, Obeikan Glass received approval from the Capital Market Authority (CMA) to increase its capital from SAR 240 million to SAR 320 million by issuing 80 million bonus shares.

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