RIYADH: Saudi glass manufacturer Obeikan Glass’s net profit for 2021 was Saudi Riyals 173.6 million ($46.2 million), compared to SR17 million a year earlier, a rise of 903 percent.
The profit hike was coupled with an increase in revenue of 77 percent year-on-year to SR463 million, the company said in a bourse filing.
The firm, which recently joined the Saudi stock exchange, attributed the improved performance to an increase in sales volumes, as well as an increase in the selling prices of the company’s products.
Obeikan Glass Company says it is the largest glass manufacturing facility of its kind in the Middle East region. With a manufacturing capacity of 850 tons per day.
It plant is capable of producing clear float glass, conforming to International Quality standards, in a range of thickness from 3 to 12 mm, it said.
