Obeikan Glass Reports SAR 2.29M Net Profit in Three Months 2026
OGC 4145.SA | 0.00 |
On 2026-05-12 09:02:32 (Saudi Time), Obeikan Glass Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 94.42 | 85.02 | 11.056 | 87.85 | 7.478 |
| Gross Profit (Loss) | 36.18 | 26.57 | 36.168 | 30.05 | 20.399 |
| Operational Profit (Loss) | 4.09 | 6.92 | -40.895 | 35.02 | -88.32 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 2.29 | 6.13 | -62.642 | 34.06 | -93.276 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 2.29 | 6.13 | -62.642 | 37.85 | -93.949 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 572.85 | 541.76 | 5.738 |
| Profit (Loss) per Share | 0.07 | 0.19 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales increased 11.056% YoY to SAR 94.42 million, primarily due to the inclusion of subsidiary Obeikan AGC's results in the consolidated financial statements, whereas the previous year's quarter did not include this subsidiary. However, net profit declined 62.642% YoY to SAR 2.29 million, mainly driven by increased losses from the subsidiary Saudi Aluminum Casting Foundry, which is still in its operational development stages, and lower average selling prices compared to the same quarter last year.
Quarter-on-Quarter Performance Drivers
QoQ revenue increased 7.478% to SAR 94.42 million, primarily due to the inclusion of subsidiary Obeikan AGC's results in the consolidated financial statements, whereas the previous quarter did not include this subsidiary's results. Net profit plummeted 93.276% to SAR 2.29 million mainly because the previous quarter benefited from a non-recurring reversal of allowance for doubtful debts amounting to SAR 29.5 million following the Obeikan AGC acquisition in Q4 2025.
Other Items
The external auditor issued an unmodified conclusion on the interim financial statements. Total shareholders equity increased 5.738% to SAR 572.85 million compared to the same period last year. Earnings per share decreased to SAR 0.07 from SAR 0.19 in the corresponding quarter of the previous year. The auditor noted that the comparative interim financial statements for the three-month period ended March 31, 2025, were reviewed by another auditor who also expressed an unmodified conclusion.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95306&anCat=1&cs=4145&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.