Saudi Vitrified Pipes posts 100% profit rise in FY2019

08/03/2020 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co.’s (SVCP) net profit after Zakat and tax jumped 100% year-on-year (YoY) to SAR 8.8 million for fiscal year 2019, as compared to SAR 4.4 million a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	117.96	122.62	3.9 %
Gross Income	25.76	38.10	47.9 %
Operating Income	7.48	11.99	60.4 %
Net Income	4.39	8.78	100.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.29	0.59	100.1 %

The rise is attributed to higher sales and lower cost of sales, the company said in a bourse statement.

In Q4 2019, the company turned to net profit of SAR 5.12 million compared to SAR 150,000 a year earlier.

Shareholders’ equity stood at SAR 285.1 million by the end of Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	27.69	40.60	46.6 %
Gross Income	3.90	14.65	275.9 %
Operating Income	0.76	5.75	659.0 %
Net Income	0.14	5.10	3542.9 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.01	0.34	3542.9 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	28.36	40.60	43.2 %
Gross Income	7.85	14.65	86.6 %
Operating Income	2.45	5.75	134.8 %
Net Income	1.45	5.10	251.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.10	0.34	251.7 %

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