SVCP posts 22% profit growth to SAR 10.7 mln for 2020

01/03/2021 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) reported net profit after Zakat and tax of SAR 10.7 million in 2020, up 22% from SAR 8.8 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	122.62	123.37	0.6 %
Gross Income	38.10	39.97	4.9 %
Operating Income	11.99	13.04	8.7 %
Net Income	8.78	10.68	21.6 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.59	0.71	21.6 %

The profit increase was driven by higher revenue and lower cost of goods sold (COGS).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	40.60	26.70	(34.2 %)
Gross Income	14.65	8.59	(41.4 %)
Operating Income	5.75	1.48	(74.3 %)
Net Income	5.10	1.50	(70.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.34	0.10	(70.6 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	28.09	26.70	(4.9 %)
Gross Income	8.00	8.59	7.4 %
Operating Income	1.83	1.48	(18.9 %)
Net Income	0.91	1.50	65.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.06	0.10	65.7 %

The Q4 2020 net profit after Zakat and tax plunged 70% to SAR 1.5 million, from SAR 5.1 million in prior year period.

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