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UFG 2024 net profit up 11% to SAR 54.5M; H2 at SAR 28.5M
Arabian United Float Glass Co.’s (UFG) net profit rose 11% to SAR 54.5 million in 2024, compared to SAR 49.2 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 278.84 | 292.41 | 4.9 % |
| Gross Income | 102.11 | 116.22 | 13.8 % |
| Operating Income | 61.14 | 65.62 | 7.3 % |
| Net Income | 49.25 | 54.48 | 10.6 % |
| Average Shares | 17.00 | 17.00 | - |
| Earnings Per Share before unusual items | 2.90 | 3.20 | 10.6 % |
| EPS (Riyals) | 2.90 | 3.20 | 10.6 % |
The profit increase was driven by higher sales volume of the company's products in 2024 compared to 2023 and lower production costs.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 138.57 | 164.66 | 18.8 % |
| Gross Income | 48.20 | 63.89 | 32.6 % |
| Operating Income | 25.68 | 35.23 | 37.2 % |
| Net Income | 19.78 | 28.49 | 44.1 % |
| Average Shares | 17.00 | 17.00 | - |
| Earnings Per Share before unusual items | 1.16 | 1.68 | 44.1 % |
| EPS (Riyals) | 1.16 | 1.68 | 44.1 % |
In H2 2024, the company reported a net profit of SAR 28.5 million, a 44.1% surge from SAR 19.78 million in H2 2023.
Sequentially, net profit grew 9.7% from SAR 25.99 million in H1 2024.
Total shareholders’ equity, no minority interest, stood at SAR 434.5 million by Dec. 31, 2024, compared to SAR 380.2 million a year ago.
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Share Price
Arabian United Float Glass Co. (UFG)
| Current | |
| Market Cap (M Riyal) | 663.15 |
| Enterprise Value (EV) (M) | 769.96 |
| Shares Outstanding ((M)) | 17.00 |
| Book Value (BV) ( Riyal) | 25.56 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 12.17 |
| Price/book | 1.53 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | - | - | - | - | - | - |
| Q2 2023 | 140.27 | 30.6 % | 53.91 | 3.8 % | 35.46 | (11.7 %) |
| Q3 2023 | - | - | - | - | - | - |
| Q4 2023 | 138.57 | 23.0 % | 48.20 | 6.0 % | 25.68 | (1.9 %) |
| 2023 | 278.84 | 26.7 % | 102.11 | 4.8 % | 61.14 | (7.8 %) |
| Q1 2024 | - | - | - | - | - | - |
| Q2 2024 | 127.74 | (8.9 %) | 52.33 | (2.9 %) | 30.39 | (14.3 %) |
| Q3 2024 | - | - | - | - | - | - |
| Q4 2024 | 164.66 | 18.8 % | 63.89 | 32.6 % | 35.23 | 37.2 % |
| 2024 | 292.41 | 4.9 % | 116.22 | 13.8 % | 65.62 | 7.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2023 | - | - | - | - | - | - |
| Q2 2023 | 29.47 | (19.5 %) | 1.73 | - | 29.47 | 1.73 |
| Q3 2023 | - | - | - | - | - | - |
| Q4 2023 | 19.78 | (13.5 %) | 1.16 | - | 19.78 | 1.16 |
| 2023 | 49.25 | (17.2 %) | 2.90 | - | 49.25 | 2.90 |
| Q1 2024 | - | - | - | - | - | - |
| Q2 2024 | 25.99 | (11.8 %) | 1.53 | - | 25.99 | 1.53 |
| Q3 2024 | - | - | - | - | - | - |
| Q4 2024 | 28.49 | 44.1 % | 1.68 | - | 28.49 | 1.68 |
| 2024 | 54.48 | 10.6 % | 3.20 | - | 54.48 | 3.20 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 37.75 % | 28.41 % | 17.18 % |
| Q3 2024 | - | - | - |
| Q4 2024 | 39.75 % | - | 18.63 % |
| 2024 | 39.75 % | - | 18.63 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | - | - | - | - |
| Q2 2024 | 17.00 | 2.69 | 2.69 | 23.89 |
| Q3 2024 | - | - | - | - |
| Q4 2024 | 17.00 | 3.20 | 3.20 | 25.56 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | 11.86 | 11.86 | 1.49 |
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