SVCP turns to net loss of SAR 3 mln in 9M 2021

28/10/2021 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) swung to a net loss after Zakat and tax of SAR 3 million in the first nine months of 2021, from a profit of SAR 9.2 million in the year-ago period, due to a decrease in sales.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	96.67	67.60	(30.1 %)
Gross Income	31.39	15.97	(49.1 %)
Operating Income	11.56	(1.37)	(111.9 %)
Net Income	9.18	(2.97)	(132.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.61	(0.20)	(132.3 %)

SVCP also turned to a net loss after Zakat and tax of SAR 1.8 million in Q3 2021, against a profit of SAR 91,000 in Q3 2020.

On a sequential basis, Q3 net loss widened from SAR 1.43 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	28.09	20.19	(28.1 %)
Gross Income	8.00	4.43	(44.6 %)
Operating Income	1.83	(1.52)	(183.4 %)
Net Income	0.91	(1.76)	(294.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.06	(0.12)	(294.6 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	22.66	20.19	(10.9 %)
Gross Income	4.41	4.43	0.5 %
Operating Income	(0.79)	(1.52)	(93.6 %)
Net Income	(1.43)	(1.76)	(22.8 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.10)	(0.12)	(22.8 %)

Shareholders’ equity, after minority interest, decreased to SAR 276 million as of Sept. 30, 2021, from SAR 294.3 million a year earlier.

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