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.
| 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 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 14.57 | 14.83 | 1.7 % |
| Gross Income | 0.41 | (1.47) | (456.1 %) |
| Operating Income | (3.28) | (6.52) | (98.5 %) |
| Net Income | (52.00) | (6.48) | 87.5 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (3.47) | (0.43) | 87.5 % |
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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