Arabian Pipes swings to SAR 195 mln loss in 2020

09/06/2021 Argaam Exclusive

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Arabian Pipes Co. (APC) swung to a net loss after Zakat and tax of SAR 195 million for 2020, versus a net profit of SAR 30.2 million a year earlier, due to an overall slowdown in economic activities during the year amid the COVID-19 pandemic.

The losses came as the APC reported a 50% drop year-on-year (YoY) in sales to SAR 369.2 million.

Financials (M)

Item	2019	2020	Change‬
Revenues	741.09	369.29	(50.2 %)
Gross Income	96.47	(131.30)	(236.1 %)
Operating Income	62.66	(174.15)	(377.9 %)
Net Income	30.25	(195.34)	(745.8 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	2.02	(13.02)	(745.8 %)

In addition, the company suspended some production lines, reduced working hours and days and postponed the schedules of delivering pipes to customers, due to the working-hours curfew and delays in customer projects.

APC also allocated additional inventory provisions at an estimated value of SAR 59.2 million, after a detailed assessment and a full review of the inventory with the external auditor.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	159.18	95.43	(40.0 %)
Gross Income	20.67	(140.52)	(780.0 %)
Operating Income	15.72	(152.17)	(1067.9 %)
Net Income	4.88	(156.20)	(3301.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.33	(10.41)	(3301.5 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	162.04	95.43	(41.1 %)
Gross Income	6.24	(140.52)	(2351.2 %)
Operating Income	(2.82)	(152.17)	(5,302.0 %)
Net Income	(3.45)	(156.20)	(4,423.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.23)	(10.41)	(4,423.6 %)

In Q4 2020, the company incurred a net loss of SAR 156 million against a net profit of SAR 4.83 million in the prior-year period.

Accumulated losses reached SAR 311 million, or 77.8% of capital by the end of 2020.

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