East Pipes turns to net profit of SAR 63 mln in 9M 2022/23; Q3 at SAR 47.5 mln

29/01/2023 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 63 million in the nine-month period ended Dec. 31, 2022, against a loss of SAR 17.6 million a year earlier.

The profit was attributed to increased sales volumes and average realized sales prices, which pushed revenue and gross profit higher. The company also cited a decrease in provision of customers’ receivables.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	403.75	996.35	146.8 %
Gross Income	12.87	100.77	682.9 %
Operating Income	0.30	86.67	29082.5 %
Net Income	(17.57)	62.98	458.5 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.56)	2.00	458.5 %

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, Q3 2022 net profit soared from SAR 9.23 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	133.25	487.25	265.7 %
Gross Income	(7.53)	68.43	1008.3 %
Operating Income	(14.50)	61.47	524.0 %
Net Income	(18.84)	47.52	352.3 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.60)	1.51	352.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	303.08	487.25	60.8 %
Gross Income	13.79	68.43	396.1 %
Operating Income	13.29	61.47	362.7 %
Net Income	9.22	47.52	415.2 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.29	1.51	415.2 %

Shareholders’ equity, with no minority interest, increased to SAR 578.53 million as of Dec. 31, 2022, from SAR 50022 million a year earlier.

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