SVCP profit rises to SAR 9.2 mln in 9M 2020

18/10/2020 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) reported a net profit after Zakat and tax of SAR 9.2 million for the first nine months of 2020, a more than twofold increase, compared to SAR 3.7 million in the same period last year, driven by increased sales revenue.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	82.02	96.67	17.9 %
Gross Income	23.45	31.39	33.8 %
Operating Income	6.24	11.56	85.2 %
Net Income	3.68	9.18	149.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.25	0.61	149.3 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	28.36	28.09	(1.0 %)
Gross Income	7.85	8.00	1.9 %
Operating Income	2.45	1.83	(25.4 %)
Net Income	1.45	0.91	(37.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.10	0.06	(37.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	28.03	28.09	0.2 %
Gross Income	10.04	8.00	(20.3 %)
Operating Income	3.63	1.83	(49.7 %)
Net Income	2.86	0.91	(68.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.19	0.06	(68.3 %)

Net profit after Zakat and tax for the third quarter retreated by 38% YoY to nearly SAR 910,000, due to higher operating expenses.

On a quarter-on-quarter basis, the profit for the current quarter plunged 68.1%, on higher cost of sales.

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