SVCP widens 2022 loss to SAR 8.8 mln, posts SAR 1.4 mln profit in Q4

05/03/2023 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) slid into a deeper net loss of SAR 8.8 million in 2022, from SAR 2.1 million in 2021, hit by lower sales and higher cost of goods sold.

Financials (M)

Item	2021	2022	Change‬
Revenues	88.72	76.35	(13.9 %)
Gross Income	21.50	4.42	(79.5 %)
Operating Income	(1.08)	(19.62)	(1,723.3 %)
Net Income	(2.06)	(8.76)	(326.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.14)	(0.58)	(326.4 %)

In Q4 2022, SVCP posted a 54% rise in net profit to SAR 1.4 million, from SAR 910,000 in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	21.11	24.96	18.2 %
Gross Income	5.53	0.47	(91.6 %)
Operating Income	0.30	(6.36)	(2245.3 %)
Net Income	0.91	1.44	58.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.06	0.10	58.2 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	20.10	24.96	24.2 %
Gross Income	5.63	0.47	(91.7 %)
Operating Income	(0.39)	(6.36)	(1,532.9 %)
Net Income	(1.00)	1.44	244.8 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.07)	0.10	244.8 %

The company incurred a net loss of SAR 1 million in Q3 2022.

Shareholders’ equity, no minority interest, came in at SAR 268.7 million as of Dec. 31, 2022, down from SAR 277 million a year earlier.

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