East Pipes net profit rises to SAR 15.5 mln in H1 2022/23, Q2 at SAR 9.2 mln

27/10/2022 Argaam Exclusive

East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 15.5 million in the first half ended Sept. 30, 2022, from SAR 1.3 million in the year-earlier period.

 

The profit growth was attributed to higher pipe sales volumes and average sales prices, which resulted in a 47% sequential rise in revenues.

 

The company also cited a decline in expected credit loss allowance, as a result of larger collections for outstanding amounts from customers.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 270.50 509.11 88.2 %
Gross Income 20.41 32.33 58.5 %
Operating Income 14.79 25.21 70.4 %
Net Income 1.27 15.46 1113.3 %
Average Shares 31.50 31.50 -
EPS (Riyals) 0.04 0.49 1113.3 %

The company turned to a profit of SAR 9.2 million in Q2 2022/2023, against a loss of SAR 0.87 million a year earlier, driven by higher realized average sales prices and lower selling and marketing expenses.

 

Sequentially, profit rose 48% from SAR 6.23 million in Q1 2022/23.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 121.36 303.08 149.7 %
Gross Income 9.04 13.79 52.5 %
Operating Income 5.53 13.29 140.2 %
Net Income (0.87) 9.22 1155.5 %
Average Shares 31.50 31.50 -
EPS (Riyals) (0.03) 0.29 1155.5 %

Shareholders’ equity, after minority interest, increased to SAR 530.871 million as of Sept. 30, 2022, from SAR 518.973 million a year earlier.

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Share Price

East Pipes Integrated Company for Industry
141.00
(1.00) (0.70 %)

East Pipes Integrated Company for Industry (EAST PIPES)

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Financial Ratios
Current
Market Cap (M Riyal) 4,441.50
Enterprise Value (EV) (M) 4,374.21
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) 9.88
P/E (TTM) 9.88
Price/book 4.51
Return on Average Assets (%) (TTM) 33.4
Return on Average Equity (%) (TTM) 57.2
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