Financial Results : SVCP cuts 9M 2023 loss to SAR 7 mln, Q3 at SAR 3.6 mln

SVCP cuts 9M 2023 loss to SAR 7 mln, Q3 at SAR 3.6 mln

29/10/2023 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) narrowed its net losses to SAR 7 million in the first nine months of 2023, from SAR 10.2 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 51.39 61.10 18.9 %
Gross Income 3.95 6.93 75.4 %
Operating Income (13.26) (5.48) 58.7 %
Net Income (10.20) (6.99) 31.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) (0.68) (0.47) 31.5 %

In Q3 2023, SVCP deepened its net loss to SAR 3.6 million, compared with SAR 1 million a year before on higher cost of sales.

 

Compared with the previous quarter, the company also widened its Q3 net loss more than seven-fold from SAR 500,000, on lower other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 20.10 21.73 8.1 %
Gross Income 5.63 2.34 (58.4 %)
Operating Income (0.39) (2.96) (660.1 %)
Net Income (1.00) (3.64) (265.9 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.07) (0.24) (265.9 %)

Shareholders’ equity, no minority interest, stood at SAR 261.7 million as of Sept. 30, 2023, down from SAR 266.7 million a year earlier.

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