Financial Results : SVCP turns to SAR 2.9 mln loss in Q1 2023

SVCP turns to SAR 2.9 mln loss in Q1 2023

14/05/2023 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) swung to a net loss of SAR 2.9 million in Q1 2023, against a net profit of SAR 1.3 million in the prior-year period, due to a decline in other income, which included SAR 4.5 million final payment of the insurance compensation for the fire incident in the first factory.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 18.54 20.58 11.0 %
Gross Income 2.89 3.22 11.4 %
Operating Income (2.69) (2.28) 15.3 %
Net Income 1.28 (2.86) (323.9 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.09 (0.19) (323.9 %)

The pipe manufacturer also turned to losses from a net profit of SAR 1.44 million in Q4 2022, thanks to a rise in other income by SAR 8.57 million. This income reflected the final payment of the insurance compensation for the fire accident in the first factory.

 

Shareholders’ equity, no minority interest, dropped to SAR 265.8 million as of March 31, 2023, from SAR 278.2 million a year earlier.

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