SVCP widens losses to SAR 9.2 mln in H1 2022, Q2 at SAR 10.5 mln

11/08/2022 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co.’s (SVCP) net loss after Zakat and tax increased to SAR 9.2 million in the first half of 2022, from a loss of SAR 1.2 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	47.42	31.29	(34.0 %)
Gross Income	11.54	(1.69)	(114.6 %)
Operating Income	0.15	(12.87)	(8607.1 %)
Net Income	(1.21)	(9.21)	(664.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.08)	(0.61)	(664.1 %)

The decline in earnings was attributed to a decrease in sales amid a slowdown of projects, and increase in the cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	22.66	12.76	(43.7 %)
Gross Income	4.41	(4.57)	(203.8 %)
Operating Income	(0.79)	(10.18)	(1,193.6 %)
Net Income	(1.43)	(10.48)	(631.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.10)	(0.70)	(631.1 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	18.54	12.76	(31.2 %)
Gross Income	2.89	(4.57)	(258.3 %)
Operating Income	(2.69)	(10.18)	(278.1 %)
Net Income	1.28	(10.48)	(921.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.09	(0.70)	(921.6 %)

SVCP also widened losses after Zakat and tax to SAR 10.5 million in Q2 2022, from a loss of SAR 1.43 million in Q2 2021.

In Q1 2021, SVCP posted a net profit of SAR 1.28 million.

Shareholders’ equity, after minority interest, stood at SAR 267.73 million as of June 30, 2022, compared to SAR 277.77 million a year earlier.

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