Riyadh – Mubasher: Obeikan Glass Company announced the resignation of Fayez Jameel Abdulrazzaq from his position as the firm’s CEO due to personal reasons, according to a bourse filing.
The board members accepted Abdulrazzaq’s resignation on 31 May, yet it will be effective on 30 June 2023.
Meanwhile, Ibrahim Mohammad Alhammad will succeed Abdulrazzaq, starting from 1 July.
Alhammad has more than 25-year leadership experience in Saudi Basic Industries Corporation (SABIC), during which he served as the CEO of SABIC Morocco & West Africa from 2017 to 2022.
The new official holds a master’s degree from the Clarion University of Pennsylvania.
During the first three months (3M) of 2023, Obeikan Glass posted an annual decline of 39.24% in net profit after Zakat and tax to SAR 29.81 million from SAR 49.06 million.
Revenues dropped by 10.34% to SAR 113.48 million in Q1-23 from SAR 126.57 million in Q1-22, while the earnings per share (EPS) plummeted to SAR 1.24 from SAR 2.04.
In January 2023, the company’s board members proposed a 33.33% capital increase to SAR 320 million from SAR 240 million through bonus shares.
