Financial Results : Arabian Pipes swings to SAR 195 mln loss in 2020

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 %)

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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