Saudi Vitrified Clay Pipes Co. (SVCP) swung to a net loss of SAR 2.9 million in Q1 2023, against a net profit of SAR 1.3 million in the prior-year period, due to a decline in other income, which included SAR 4.5 million final payment of the insurance compensation for the fire incident in the first factory.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 18.54 | 20.58 | 11.0 % |
| Gross Income | 2.89 | 3.22 | 11.4 % |
| Operating Income | (2.69) | (2.28) | 15.3 % |
| Net Income | 1.28 | (2.86) | (323.9 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.09 | (0.19) | (323.9 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 24.96 | 20.58 | (17.5 %) |
| Gross Income | 0.47 | 3.22 | 592.0 % |
| Operating Income | (6.36) | (2.28) | 64.1 % |
| Net Income | 1.44 | (2.86) | (298.3 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.10 | (0.19) | (298.3 %) |
The pipe manufacturer also turned to losses from a net profit of SAR 1.44 million in Q4 2022, thanks to a rise in other income by SAR 8.57 million. This income reflected the final payment of the insurance compensation for the fire accident in the first factory.
Shareholders’ equity, no minority interest, dropped to SAR 265.8 million as of March 31, 2023, from SAR 278.2 million a year earlier.
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