East Pipes swings to SAR 99.9 mln profit in FY 2022/23; Q4 at SAR 36.9 mln

25/05/2023 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit of SAR 99.9 million for the fiscal year (FY) ended March 31, 2023, against a loss of SAR 3.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	597.47	1,438.65	140.8 %
Gross Income	27.75	155.80	461.5 %
Operating Income	15.00	133.04	786.9 %
Net Income	(3.25)	99.92	3179.2 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.10)	3.17	3179.2 %

The positive results were driven by a 141% year-on-year (YoY) surge in revenue to SAR 1.4 billion, as pipe and coating sales volumes increased by 80% and 142% YoY, respectively.

Gross profit skyrocketed 462% YoY to SAR 156 million, on higher sales volumes and a strong recovery in demand.

The pipe maker also turned to a net profit of SAR 47.5 million in Q3 2022, against a net loss of SAR 18.84 million a year before on higher sales volume.

Compared to the previous quarter, Q4 net profit dropped by 22.3% from SAR 47.52 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	193.72	442.29	128.3 %
Gross Income	14.87	55.03	270.0 %
Operating Income	14.70	46.37	215.4 %
Net Income	14.32	36.94	157.9 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.45	1.17	157.9 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	487.25	442.29	(9.2 %)
Gross Income	68.43	55.03	(19.6 %)
Operating Income	61.47	46.37	(24.6 %)
Net Income	47.52	36.94	(22.3 %)
Average Shares	31.50	31.50	-
EPS (Riyals)	1.51	1.17	(22.3 %)

Shareholders’ equity, no minority interest, increased to SAR 615.44 million by the end of the 12-month period, from SAR 514.99 million a year earlier.

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