Saudi Vitrified Pipes incurs net loss of SAR 2.1 mln for 2021, Q4 profit drops 42% to SAR 870,000

07/03/2022 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. reported a net loss after Zakat and tax of SAR 2.1 million for 2021, versus a net profit of SAR 10.7 million a year earlier, driven by lower sales and higher cost of sales.

Financials (M)

Item	2020	2021	Change‬
Revenues	123.37	88.72	(28.1 %)
Gross Income	39.97	21.50	(46.2 %)
Operating Income	13.04	(1.08)	(108.3 %)
Net Income	10.68	(2.06)	(119.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.71	(0.14)	(119.3 %)

Q4 2021 net profit slumped 42% year-on-year (YoY) to SAR 870,000.

The company swung to net profit in Q4 compared to a loss of SAR 1.76 million in the third quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	26.70	21.11	(20.9 %)
Gross Income	8.59	5.53	(35.6 %)
Operating Income	1.48	0.30	(80.0 %)
Net Income	1.50	0.91	(39.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.10	0.06	(39.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	20.19	21.11	4.6 %
Gross Income	4.43	5.53	24.8 %
Operating Income	(1.52)	0.30	119.5 %
Net Income	(1.76)	0.91	151.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.12)	0.06	151.7 %

Total shareholders’ equity excluding minority interest dropped 0.7% YoY to SAR 277 million for 2021.

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