East Pipes H1 2023/24 net profit slumps 86% to SAR 2.2 mln, Q2 surges to SAR 20.8 mln

31/10/2023 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit of SAR 2.2 million for the six months ended Sept. 30, 2023, a decline of 86% from SAR 15.5 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	509.11	269.11	(47.1 %)
Gross Income	32.33	26.85	(17.0 %)
Operating Income	25.21	15.96	(36.7 %)
Net Income	15.46	2.23	(85.6 %)
Average Shares	31.50	31.50	-
EPS (Riyals)	0.49	0.07	(85.6 %)

This was driven by decreased sales volume in line with the delivery schedules of projects in the current period along with lower average selling price per ton. The company also cited higher variable costs related to the nature of contracts being implemented in the current period. Financing costs also increased, in line with higher SAIBOR.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	303.08	230.27	(24.0 %)
Gross Income	13.79	33.11	140.0 %
Operating Income	13.29	27.37	106.0 %
Net Income	9.22	20.79	125.4 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.29	0.66	125.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	38.85	230.27	492.8 %
Gross Income	(6.32)	33.11	623.8 %
Operating Income	(11.42)	27.37	339.8 %
Net Income	(18.56)	20.79	212.0 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.59)	0.66	212.0 %

Q2 2023/24 net profit reached SAR 20.8 million, a more than two-fold increase from SAR 9.23 million a year earlier.

This was propelled by higher average selling prices per ton and lower average cost per ton of main raw materials.

On a sequential basis, the company turned to profitability from a net loss of SAR 18.56 million in Q1 2023/24.

Total shareholders’ equity, no minority interest, reached SAR 586.53 million by Sept. 30, 2023, compared to SAR 530.87 million in a year earlier period.

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