SVCP deepens 9M 2022 loss to SAR 10.2 mln, Q3 at SAR 990,000

27/10/2022 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) widened net losses after Zakat and tax to SAR 10.2 million in the first nine months of 2022, from SAR 3 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	67.60	51.39	(24.0 %)
Gross Income	15.97	3.95	(75.3 %)
Operating Income	(1.37)	(13.26)	(866.4 %)
Net Income	(2.97)	(10.20)	(244.0 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.20)	(0.68)	(244.0 %)

The company reported a decline in sales on lower demand for pipes in general, due to projects slowdown and higher cost of sales.

In Q3 2022, SVCP cut its net loss after Zakat and tax to SAR 990,000, from SAR 1.76 million in Q3 2021.

Losses also narrowed by 90.6% from SAR 10.48 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	20.19	20.10	(0.4 %)
Gross Income	4.43	5.63	27.2 %
Operating Income	(1.52)	(0.39)	74.4 %
Net Income	(1.76)	(1.00)	43.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.12)	(0.07)	43.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	12.76	20.10	57.6 %
Gross Income	(4.57)	5.63	223.2 %
Operating Income	(10.18)	(0.39)	96.2 %
Net Income	(10.48)	(1.00)	90.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.70)	(0.07)	90.5 %

Shareholders’ equity, after minority interest, stood at SAR 266.7 million as of Sept. 30, 2022, down from SAR 276 million a year earlier.

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