Financial Results : East Pipes incurs SAR 18.6 mln loss in Q1 2023/24

East Pipes incurs SAR 18.6 mln loss in Q1 2023/24

31/07/2023 Argaam Exclusive

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​East Pipes Integrated Co. reported a net loss of SAR 18.6 million in the first quarter ended June 30, 2023, against a net profit of SAR 6.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 206.03 38.85 (81.1 %)
Gross Income 18.54 (6.32) (134.1 %)
Operating Income 11.92 (11.42) (195.8 %)
Net Income 6.23 (18.56) (397.8 %)
Average Shares 31.50 31.50 -
EPS (Riyals) 0.20 (0.59) (397.8 %)

This was due to a decline in sales volume in the current period and a slight increase in financing costs on higher SAIBOR rates.

 

The company reported revenues of SAR 39 million in the three-month period, down 81.1% from SAR 206 million a year earlier.

 

Compared to the previous quarter, the firm swung to a loss from a SAR 36.94 million profit.

 

Shareholders’ equity, with no minority interest, increased to SAR 597.18 million by the end of the first quarter, from SAR 521.42 million a year earlier.

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