Saudi Arabia’s National Co. for Glass Industries, known as Zoujaj, saw its profit jump 138 percent to SR93 million ($25 million) in the first nine months of 2022.
This is a rise from SR39 million the company recorded during the same period in 2021, according to a bourse filing.
Despite the announcement, the company’s shares declined 4.31 percent to reach SR39.90, as of 10:10 a.m. Saudi time
For the third quarter of 2022, Zoujaj’s net profit rose slightly by 6 percent to SR20 million from SR19 million a year earlier.
The rise in profits for the first nine months and the third quarter of 2022 is attributed to the higher profit of associated companies operating in the float glass.