Group Five Pipe Saudi Ltd. swung to a net loss of SAR 18.7 million in H1 2022, against a net profit of SAR 28.8 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 477.82 | 58.40 | (87.8 %) |
| Gross Income | 40.38 | (7.11) | (117.6 %) |
| Operating Income | 42.27 | (13.13) | (131.1 %) |
| Net Income | 28.83 | (18.73) | (165.0 %) |
| Average Shares | 28.00 | 28.00 | - |
| EPS (Riyals) | 1.03 | (0.67) | (165.0 %) |
The company was hit by the sharp increase of over 60% year-on-year (YoY) in its basic raw material prices (iron coils), which negatively reflected on most manufacturing industries that use iron. In addition, the pipe manufacturer cited the inflexible nature of its major contracts, as prices cannot be modified.
Shareholders’ equity, after minority interest, reached SAR 315.74 million as of June 30, 2022, down from SAR 327.88 million a year earlier.
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