Financial Results : Group Five Pipe Saudi turns to loss of SAR 18.7 mln in H1 2022

Group Five Pipe Saudi turns to loss of SAR 18.7 mln in H1 2022

05/09/2022 Argaam Exclusive

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Group Five Pipe Saudi Ltd. swung to a net loss of SAR 18.7 million in H1 2022, against a net profit of SAR 28.8 million in the year-earlier period.  

The company was hit by the sharp increase of over 60% year-on-year (YoY) in its basic raw material prices (iron coils), which negatively reflected on most manufacturing industries that use iron. In addition, the pipe manufacturer cited the inflexible nature of its major contracts, as prices cannot be modified.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 477.82 58.40 (87.8 %)
Gross Income 40.38 (7.11) (117.6 %)
Operating Income 42.27 (13.13) (131.1 %)
Net Income 28.83 (18.73) (165.0 %)
Average Shares 28.00 28.00 -
EPS (Riyals) 1.03 (0.67) (165.0 %)

Shareholders’ equity, after minority interest, reached SAR 315.74 million as of June 30, 2022, down from SAR 327.88 million a year earlier.

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