Group Five swings to SAR 24.4 mln loss in 2022

19/03/2023 Argaam Exclusive

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Group Five Pipe Saudi Ltd. turned to a net loss of SAR 24.4 million in 2022, against a net profit of SAR 35 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	641.10	230.54	(64.0 %)
Gross Income	61.31	2.17	(96.5 %)
Operating Income	54.13	(9.85)	(118.2 %)
Net Income	35.12	(24.38)	(169.4 %)
Average Shares	28.00	28.00	-
EPS (Riyals)	1.25	(0.87)	(169.4 %)

The company attributed these losses to unfavorable market conditions, mainly the strong leaps in raw material prices, which weighed on the annual results. Group Five did not enter into any contracts in line with its production capacity.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	163.28	172.14	5.4 %
Gross Income	20.93	9.27	(55.7 %)
Operating Income	11.86	3.28	(72.4 %)
Net Income	6.29	(5.65)	(189.8 %)
Average Shares	28.00	28.00	-
EPS (Riyals)	0.22	(0.20)	(189.8 %)

Item	H1 2022	H2 2022	Change‬
Revenues	58.40	172.14	194.8 %
Gross Income	(7.11)	9.27	230.5 %
Operating Income	(13.13)	3.28	125.0 %
Net Income	(18.73)	(5.65)	69.9 %
Average Shares	28.00	28.00	-
EPS (Riyals)	(0.67)	(0.20)	69.9 %

Shareholders’ equity, no minority interest, decreased to SAR 313.27 million as of Dec. 31, 2022, from SAR 334.47 million a year earlier.

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