Saudi Steel Pipe cuts H1 2021 net loss to 16.6 mln

05/08/2021 Argaam Exclusive

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Saudi Steel Pipe Co. narrowed its net loss after Zakat and tax to SAR 16.6 million for the first half of 2021, from SAR 44.8 million in the same period last year.

The company attributed the drop in losses to reporting a gross profit of SAR 7.18 million in H1 2021 against a gross loss of SAR 10.43 million a year earlier. It also cited lower administrative expenses mainly due to the reduction of structural costs and service indemnity costs.

Lower finance charges and a reversal of trade receivables impairments were also behind the decline in losses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	169.86	180.55	6.3 %
Gross Income	(10.44)	7.18	168.8 %
Operating Income	(45.46)	(11.27)	75.2 %
Net Income	(44.79)	(16.56)	63.0 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.88)	(0.32)	63.0 %

In Q2 2021, the company trimmed net losses after Zakat and tax by 70% year-on-year to SAR 8.1 million. It reported a gross profit of SAR 4.83 million. Administrative costs decreased to SAR 8 million from SAR 10.87 million in Q2 2020. The steel pipe manufacturer recorded a positive EBITDA of SAR 6.37 million in Q2 2021, compared to a negative EBITDA of SAR 18.98 million in Q2 2020.

On a quarterly basis, net losses after Zakat and tax decreased by 4.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	58.26	88.48	51.9 %
Gross Income	(14.97)	4.83	132.2 %
Operating Income	(29.08)	(5.12)	82.4 %
Net Income	(27.02)	(8.08)	70.1 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.53)	(0.16)	70.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	92.08	88.48	(3.9 %)
Gross Income	2.35	4.83	105.1 %
Operating Income	(6.15)	(5.12)	16.7 %
Net Income	(8.48)	(8.08)	4.7 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.17)	(0.16)	4.7 %

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