Saudi: Obeikan Glass backs growth plans via over $21mln capital raise

Riyadh: Obeikan Glass Company announced the shareholders’ approval to increase its capital by SAR 80 million to SAR 320 million from SAR 240 million.

The new capital will be distributed over 32 million shares, instead of 24 million shares, according to a bourse statement.

Through the capital raise, the listed firm seeks to bolster its capital base and endorse future activities that contribute to achieving good growth rates during the coming years.

The extraordinary general meeting (EGM) greenlighted the 33.33% capital hike on 23 November 2023, while the Capital Market Authority (CMA) passed the transaction last September.

In the first nine months (9M) of 2023, Obeikan Glass logged net profits after Zakat and tax valued at SAR 71.73 million, an annual plunge of 53.55% from SAR 154.43 million.

Earnings per share (EPS) retreated to SAR 2.99 in 9M-23 from SAR 6.43 in 9M-22, while the revenues dropped by 20.58% to SAR 309.97 million from SAR 390.29 million.

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