SVCP narrows H1 2023 loss to SAR 3.4 mln; Q2 at SAR 500,000

31/07/2023 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) narrowed H1 2023 net loss to SAR 3.4 million, from SAR 9.2 million a year ago, driven by higher sales and lower cost of sales.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	31.29	39.37	25.8 %
Gross Income	(1.69)	4.59	372.1 %
Operating Income	(12.87)	(6.76)	47.5 %
Net Income	(9.21)	(3.35)	63.6 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.61)	(0.22)	63.6 %

The net loss for Q2 2023 shrank to SAR 500,000 from SAR 10.48 million in the prior year.

On a quarterly basis, the company trimmed losses from SAR 2.86 million in Q1 2023 on the rise in other revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	12.76	18.79	47.3 %
Gross Income	(4.57)	1.37	129.9 %
Operating Income	(10.18)	(4.48)	56.0 %
Net Income	(10.48)	(0.50)	95.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.70)	(0.03)	95.3 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	20.58	18.79	(8.7 %)
Gross Income	3.22	1.37	(57.5 %)
Operating Income	(2.28)	(4.48)	(96.6 %)
Net Income	(2.86)	(0.50)	82.6 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.19)	(0.03)	82.6 %

Shareholders’ equity, no minority interest, reached SAR 265.35 million as of June 30, 2023, compared to SAR 267.73 million in the year-earlier period.

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