East Pipes swings to SAR 99.9 mln profit in FY 2022/23; Q4 at SAR 36.9 mln

25/05/2023 Argaam Exclusive

East Pipes Integrated Co. reported a net profit of SAR 99.9 million for the fiscal year (FY) ended March 31, 2023, against a loss of SAR 3.2 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 597.47 1,438.65 140.8 %
Gross Income 27.75 155.80 461.5 %
Operating Income 15.00 133.04 786.9 %
Net Income (3.25) 99.92 3179.2 %
Average Shares 31.50 31.50 -
EPS (Riyals) (0.10) 3.17 3179.2 %

The positive results were driven by a 141% year-on-year (YoY) surge in revenue to SAR 1.4 billion, as pipe and coating sales volumes increased by 80% and 142% YoY, respectively.

 

Gross profit skyrocketed 462% YoY to SAR 156 million, on higher sales volumes and a strong recovery in demand.

 

The pipe maker also turned to a net profit of SAR 47.5 million in Q3 2022, against a net loss of SAR 18.84 million a year before on higher sales volume.

 

Compared to the previous quarter, Q4 net profit dropped by 22.3% from SAR 47.52 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 193.72 442.29 128.3 %
Gross Income 14.87 55.03 270.0 %
Operating Income 14.70 46.37 215.4 %
Net Income 14.32 36.94 157.9 %
Average Shares 31.50 31.50 -
EPS (Riyals) 0.45 1.17 157.9 %

Shareholders’ equity, no minority interest, increased to SAR 615.44 million by the end of the 12-month period, from SAR 514.99 million a year earlier.

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Share Price

East Pipes Integrated Company for Industry
138.80
0.20 0.14 %

East Pipes Integrated Company for Industry (EAST PIPES)

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Financial Ratios
Current
Market Cap (M Riyal) 4,372.20
Enterprise Value (EV) (M) 4,304.91
Shares Outstanding ((M)) 31.50
EPS ( Riyal) (TTM) 14.27
Book Value (BV) ( Riyal) 31.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.73
P/E (TTM) 9.73
Price/book 4.44
Return on Average Assets (%) (TTM) 33.4
Return on Average Equity (%) (TTM) 57.2
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