Arabian Pipes narrows losses to SAR 7.5 mln in 9M 2022; Q3 profit at SAR 9.9 mln

06/11/2022 Argaam Exclusive

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Arabian Pipes Co. (APC) narrowed net loss after Zakat and tax to SAR 7.5 million in the first nine months of 2022, from SAR 28.9 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	346.03	305.76	(11.6 %)
Gross Income	17.45	19.75	13.2 %
Operating Income	(13.76)	(10.99)	20.2 %
Net Income	(28.94)	(7.52)	74.0 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(1.93)	(0.50)	74.0 %

The company said the decline in losses came on lower cost of sales margin and selling and distribution expenses.

APC reported a net profit after Zakat and tax of SAR 9.9 million in Q3 2022, against a net loss of SAR 16.8 million in the same quarter last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	92.61	175.42	89.4 %
Gross Income	(1.16)	25.79	2315.5 %
Operating Income	(10.51)	18.26	273.7 %
Net Income	(16.83)	9.94	159.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(1.12)	0.66	159.1 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	70.04	175.42	150.5 %
Gross Income	(6.43)	25.79	501.4 %
Operating Income	(11.59)	18.26	257.5 %
Net Income	(4.25)	9.94	333.8 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.28)	0.66	333.8 %

On a sequential basis, the company turned to profit from a loss of SAR 4.25 million in Q2 2022.

Shareholders’ equity, no minority interest, stood at SAR 98.2 million as of Sept. 30, 2022, compared to SAR 177.4 million a year earlier.

Meanwhile, accumulated losses reached SAR 0.98 million at the end of the nine-month period, representing 0.98% of capital.

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