East Pipes net profit rises to SAR 15.5 mln in H1 2022/23, Q2 at SAR 9.2 mln

27/10/2022 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 15.5 million in the first half ended Sept. 30, 2022, from SAR 1.3 million in the year-earlier period.

The profit growth was attributed to higher pipe sales volumes and average sales prices, which resulted in a 47% sequential rise in revenues.

The company also cited a decline in expected credit loss allowance, as a result of larger collections for outstanding amounts from customers.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	270.50	509.11	88.2 %
Gross Income	20.41	32.33	58.5 %
Operating Income	14.79	25.21	70.4 %
Net Income	1.27	15.46	1113.3 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.04	0.49	1113.3 %

The company turned to a profit of SAR 9.2 million in Q2 2022/2023, against a loss of SAR 0.87 million a year earlier, driven by higher realized average sales prices and lower selling and marketing expenses.

Sequentially, profit rose 48% from SAR 6.23 million in Q1 2022/23.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	121.36	303.08	149.7 %
Gross Income	9.04	13.79	52.5 %
Operating Income	5.53	13.29	140.2 %
Net Income	(0.87)	9.22	1155.5 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.03)	0.29	1155.5 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	206.03	303.08	47.1 %
Gross Income	18.54	13.79	(25.6 %)
Operating Income	11.92	13.29	11.5 %
Net Income	6.23	9.22	48.0 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.20	0.29	48.0 %

Shareholders’ equity, after minority interest, increased to SAR 530.871 million as of Sept. 30, 2022, from SAR 518.973 million a year earlier.

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