Monday, 22 October 2007
By Adel Al-Malki
THE National Co. for Glass Industries on Sunday reported that preliminary profits as of September fell 17 percent to SR61.5 million from SR73.7 million during the same period last year.
"The main reason of this decrease is the decline in profits securities," Yousef Saleh Aba Al-Khail, Zoujaj chairman, said in a disclosure to the Saudi Stock Exchange. Aba Al-Khail also noted nine-month revenues were up 138 percent to SR21.2 million from SR8.9 million last year while operating profits also rose to SR55 million versus SR33.2 million for the same period last year.
"The company was also able to increase its investments in the shares of companies by 24 percent by the end of the third quarter at SR230 million compared with SR186 million for the same period of 2006," he said.
He noted that last year's production halt the company's plant in Riyadh resulted into lower sales and profits.