SVCP losses rise to SAR 77.7M in 9M 2024; Q3 at SAR 57.3M

11/11/2024 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) widened its net loss to SAR 77.7 million in the first nine months of 2024, from a loss of SAR 7 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	61.10	40.98	(32.9 %)
Gross Income	6.93	(14.19)	(304.8 %)
Operating Income	(5.48)	(26.43)	(382.3 %)
Net Income	(6.99)	(77.74)	(1,011.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.47)	(5.18)	(1,011.5 %)

The company noted a decrease in revenue year-on-year (YoY), driven by lower demand and slowdown of some projects, as well as higher cost of sales and a provision for asset impairment totaling SAR 48.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	21.73	16.49	(24.1 %)
Gross Income	2.34	(4.75)	(303.0 %)
Operating Income	(2.96)	(6.81)	(130.0 %)
Net Income	(3.64)	(57.30)	(1,473.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.24)	(3.82)	(1,473.6 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	9.66	16.49	70.8 %
Gross Income	(7.97)	(4.75)	40.3 %
Operating Income	(13.11)	(6.81)	48.1 %
Net Income	(13.96)	(57.30)	(310.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.93)	(3.82)	(310.3 %)

Q3 2024 net loss amounted to SAR 57.3 million, compared to a loss of SAR 3.34 million in Q3 2024, due to lower sales on weak demand and slowdown of some projects.

Sequentially, net losses deepened from SAR 13.96 million in Q2 2024.

Shareholders’ equity, no minority interest, dropped to SAR 132.5 million as of Sept. 30, 2024, from SAR 261.7 million a year earlier.

The accumulated losses at the end of the nine-month period stood at SAR 92.54 million, accounting for 61.67% of the company’s capital.

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