Riyadh - Mubasher: National Company for Glass Industries (Zoujaj) reported a 38.1% drop in net profits in the third quarter of 2016 to SAR 3.9 million ($1.04 million) compared to SAR 6.3 million ($1.68 million) in the same period last year.
Profits also fell by 65.18% quarter-on-quarter according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The reason behind the year-on-year decline in earnings is the suspension of on the ovens in Riyadh’s factory for maintenance and renewal, the company explained.
Sales totalled SAR 17 million in Q3-16 with a 15.8% decrease from SAR 20.2 million, its volume in Q3-15.
Zoujaj also posted a 33.65% decline in profits in the first nine months of 2016 to SAR 27.6 million, compared to SAR 41.6 million during the same period of 2015.
