Financial Results : Arabian Pipes swings to SAR 16.8 mln loss in Q1 2020

Arabian Pipes swings to SAR 16.8 mln loss in Q1 2020

18/06/2020 Argaam Exclusive

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Arabian Pipes Co. (APC) reported a net loss after Zakat and tax of SAR 16.8 million for Q1 2020, against a net profit of SAR 8.1 million a year earlier.

 

The losses were attributed to a 63% fall year-on-year (YoY) in sales revenue to SAR 66.5 million. The company’s biggest project with Saudi Aramco in Al-Jubail was hit by contractors’ delays.

 

In addition, APC’s one-year agreement with Saudi Aramco to store pipes in the former’s warehouses has entered into effect.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 180.03 66.45 (63.1 %)
Gross Income 22.39 (1.40) (106.3 %)
Operating Income 13.99 (11.66) (183.3 %)
Net Income 8.10 (16.85) (308.0 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.54 (1.12) (308.0 %)

APC turned to losses from a net profit of SAR 3.3 million in Q4 2019, due to lower sales revenue.

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