Financial Results : East Pipes turns to net loss of SAR 3.25 mln in FY 2021/22

East Pipes turns to net loss of SAR 3.25 mln in FY 2021/22

26/05/2022 Argaam Exclusive

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East Pipes Integrated Company for Industry reported a net loss of SAR 3.25 million for the fiscal year ended March 31, 2022, against a net profit of SAR 148.27 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 935.51 597.47 (36.1 %)
Gross Income 230.20 27.75 (87.9 %)
Operating Income 207.68 15.00 (92.8 %)
Net Income 148.27 (3.25) (102.2 %)
Average Shares 31.50 31.50 -
EPS (Riyals) 4.71 (0.10) (102.2 %)

The loss was attributed to a steep decline of 36% year-on-year (YoY) in revenue, coupled with the unprecedented increase in the cost of the company’s basic raw materials.

 

General and administrative expenses increased by SAR 2.6 million YoY, as a result of the company’s restructuring and the corporate governance system. Selling and marketing expenses increased by SAR 2.9 million YoY during FY 2022/23.

 

However, this was partially offset by a drop in financing costs of SAR 15.4 million, and a decline of SAR 15.6 million YoY in depreciation costs.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬

Shareholders’ equity, after minority interest, reached SAR 514.990 million by the end of the fiscal year, compared to SAR 517.617 million a year earlier.

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