Riyadh-Mubasher: National Company for Glass Industries’ (Zoujaj) net profits fell 32.53% year-on-year to SAR 11.2 million ($3 million) in the second quarter of 2016 from SAR 16.6 million ($4.4 million), according to a bourse filing.
The decrease in net profits was due to the low financial performance of Zoujaj’s subsidiaries, coupled with the fall in actual income.
Zoujaj’s net profits also retreated 32.86% to SAR 23.7 million in the first six months of 2016 from SAR 35.3 million in the same period of 2015.
Lower operating profits, on the back of declining sales volume, was attributed to the 10.4% decrease in the company’s net profits in Q1-16 compared to the previous quarter of the same year.
