Arabian Pipes Co. turned to a net profit of SAR 13.3 million in Q1 2023 against a net loss of SAR 13.2 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 61.72 | 214.68 | 247.9 % |
| Gross Income | 1.43 | 28.67 | 1899.3 % |
| Operating Income | (12.69) | 13.91 | 209.7 % |
| Net Income | (13.21) | 11.49 | 187.0 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.32) | 1.15 | 187.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 173.29 | 214.68 | 23.9 % |
| Gross Income | 10.28 | 28.67 | 178.9 % |
| Operating Income | 2.40 | 13.91 | 480.1 % |
| Net Income | (2.97) | 11.49 | 487.5 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (0.30) | 1.15 | 487.5 % |
The profit was driven by higher sales, which more than tripled to SAR 230 million, from SAR 61.7 million in Q1 2022. The company started to produce and deliver pipes for the newly awarded projects, as well as higher gross profit margins leading to an increase in gross profit.
Compared to Q4 2022, the first-quarter net profit fell by 19.5% from SAR 16.52 million.
Shareholders’ equity, no minority interest, rose to SAR 128.3 million as of March 31, 2023, from SAR 92.50 million a year earlier.
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