The National Company for Glass Industries (Zoujaj) was founded in 1990 with a paid-in capital of SR 200 million ($53 million). National Industrialization Company (NIC) of Riyadh has a 25.72 per cent stake in the firm.

There is no government shareholding. The company owns two glass container factories, one in Riyadh and another in Dammam, with a total capacity of 80,000 million tonnes a year (t/y). It is also in joint venture with the US' Guardian Industries Corporation with a 45 per cent stake in a float glass factory in Jubail with a capacity of about 130,000 million t/y.

Zoujaj has reported profits from its foundation until 1996 with earnings peaking at almost SR 20 million ($5 million) in 1994. However, in 1997 the company reported losses of SR 15 million ($4 million).

Sales were halved to SR 56.4 million ($15 million) from SR 114.6 million ($30.6 million) in 1996, and the cost of sales contracted by 41 per cent to SR 45.6 million ($12.2 million). Other income dried up completely in 1997, putting further pressure on the bottom line.

Analysts say that the dramatic fall in revenues was partly the product of a reduction in glass container prices due to increased competition from other Gulf manufacturers, and partly the product of Zoujaj's investment in Gulfguard which is in its first year of production.

The balance sheet contracted by 5 per cent to SR 306.5 million ($81.7 million) in 1997 from SR 322.5 million ($86 million) in the previous year. Shareholders' equity shrank by 7 per cent to SR 208.9 million ($55.

7 million) from SR 223.9 million ($22.3 million). The performance of the company deteriorated further in 1998. Sales revenue fell by almost 5 per cent. There was a sharp rise in expenses in the year. As a result, the net loss rose to SR 34.

4 million ($9 million).

Individuals	N/A
Institutions	26%
Floating	N/A
Government	N/A

	2004	2003	2002
Total Assets	308,068	267,677	251,581
Shareholder's Equity	278,813	233,533	199,853
NIAT	55,933	33,681	23,039
Dividends	N/A	10,000	N/A

	2004	2003	2002
Assets Growth	15.09%	6.40%	2.33%
Earning Growth	66.07%	46.19%	182.93%
ROaA	19.43%	12.97%	9.26%
ROaE	21.83%	15.54%	12.23%
No. Of Shares	4,000,000	4,000,000	4,000,000
EPS	13.98	8.42	5.76
EPS Growth	66.07%	46.19%	182.93%
Payout Ratio	N/A	29.691	N/A

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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