Saudi Steel Pipe narrows 9M 2021 net loss to SAR 640,000

04/11/2021 Argaam Exclusive

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Saudi Steel Pipe Co. narrowed its net loss after Zakat and tax to SAR 640,000 in the first nine months of 2021 from SAR 35.2 million in the same period last year.

The company attributed the drop in loss to SAR 19.19 million profits from discontinued operations, as a result of the gain recorded on the sale of the main operating assets of its wholly-owned subsidiary, Titanium Steel & Manufacturing Co. Ltd.

Administrative expenses decreased to SAR 21.43 million, while gross profit increased to SAR 14.76 million in 9M 2021. Financial charges also declined to SAR 4.68 million in the same period.

It was partially offset by the share of loss from an associate company, Global Pipes Co., amounting to SAR 4.75 million.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	320.17	263.87	(17.6 %)
Gross Income	11.03	14.76	33.8 %
Operating Income	(32.85)	(12.68)	61.4 %
Net Income	(35.21)	(0.64)	98.2 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.69)	(0.01)	98.2 %

In Q3 2021, the pipe manufacturer reported a net profit after Zakat and tax of SAR 15.9 million, a 66% increase year-on-year (YoY), backed by lower Zakat and income tax expenses and administrative costs.

On a sequential basis, the company turned to profit in Q3 2021 on higher gross profit.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	150.32	83.32	(44.6 %)
Gross Income	21.46	7.58	(64.7 %)
Operating Income	12.61	(1.41)	(111.2 %)
Net Income	9.58	15.92	66.2 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.19	0.31	66.2 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	88.48	83.32	(5.8 %)
Gross Income	4.83	7.58	57.1 %
Operating Income	(5.12)	(1.41)	72.4 %
Net Income	(8.08)	15.92	297.1 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.16)	0.31	297.1 %

Total shareholders’ equity, excluding minority rights, stood at SAR 492.55 million in 9M 2021, compared to SAR 493.99 million in the year-earlier period.

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