SVCP H1 2020 net profit rises more than threefold to SAR 8.3 mln

19/08/2020 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) reported net profit after Zakat and tax of SAR 8.3 million for the first half of 2020, an increase of more than three-fold year-on-year (YoY), driven by increased sales revenue and lower cost of sales.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	53.66	68.58	27.8 %
Gross Income	15.60	23.39	49.9 %
Operating Income	3.78	9.73	157.2 %
Net Income	2.22	8.27	273.0 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.15	0.55	273.0 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	23.53	28.03	19.1 %
Gross Income	7.33	10.04	36.8 %
Operating Income	1.36	3.63	166.7 %
Net Income	0.61	2.86	365.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.04	0.19	365.1 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	40.55	28.03	(30.9 %)
Gross Income	13.35	10.04	(24.8 %)
Operating Income	6.10	3.63	(40.4 %)
Net Income	5.41	2.86	(47.2 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.36	0.19	(47.2 %)

Net profit after Zakat and tax for the second quarter increased by more than four-fold YoY to SAR 2.9 million, due to higher sales revenue and lower cost of sales.

On a quarter-on-quarter basis, the profit for the current quarter plunged 47.1%.

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