Financial Results : SVCP posts 95.7% profit slump to SAR 230,000 in Q1 2021

SVCP posts 95.7% profit slump to SAR 230,000 in Q1 2021

05/05/2021 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) reported a plunge of 95.7% in net profit after Zakat and tax to SAR 230,000 for the first quarter of 2021, from SAR 5.41 million in the year-ago period.

 

The profit fall was attributed to a decrease in sales amid low demand for pipes in general, and the slowdown in projects.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 40.55 24.75 (38.9 %)
Gross Income 13.35 7.13 (46.6 %)
Operating Income 6.10 0.94 (84.6 %)
Net Income 5.41 0.23 (95.8 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.36 0.02 (95.8 %)

When compared to Q4 2020, the company net profit after Zakat and tax tumbled 84.5% from SAR 1.49 million, due to a decrease in sales amid low demand for pipes in general, and the slowdown in projects.

 

Shareholders’ equity, excluding minority interest, dropped by 3.9% to SAR 279.21 million by the end of Q1 2021, compared to SAR 290.51 million in the year-ago period.

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