Financial Results : SVCP extends losses to SAR 6.5M in Q1 2024

SVCP extends losses to SAR 6.5M in Q1 2024

19/05/2024 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) expanded its net loss to SAR 6.5 million in Q1 2024 from SAR 2.9 million in the prior-year period on lower sales.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 20.58 14.83 (28.0 %)
Gross Income 3.22 (1.47) (145.6 %)
Operating Income (2.28) (6.52) (185.8 %)
Net Income (2.86) (6.48) (126.7 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.19) (0.43) (126.7 %)

This was attributed to lower sales on weak demand and slowdown of some projects.

 

The pipe manufacturer cut its losses from SAR 52 million in Q4 2023 due to the recognition of SAR 46 million impairment losses in the value of fixed assets in the previous quarter.

 

Shareholders’ equity, no minority interest, dropped to SAR 203.72 million as of March 31, 2024, from SAR 265.85 million a year earlier.

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