Arabian Pipes swings to SAR 35.7 mln loss in H1 2020

18/08/2020 Argaam Exclusive

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Arabian Pipes Co. reported net loss after Zakat and tax of SAR 35.7 million for the first half of 2020, versus net profit of SAR 16.2 million in year-earlier period, driven by lower sales revenue and higher provisions.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	371.56	111.82	(69.9 %)
Gross Income	47.46	2.98	(93.7 %)
Operating Income	28.88	(19.16)	(166.3 %)
Net Income	16.19	(35.69)	(320.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.08	(2.38)	(320.5 %)

The company incurred net loss after Zakat and tax of SAR 18.8 million for the second quarter of 2020, versus net profit of SAR 8.1 million in prior-year period, due to a slump in sales revenue by 76% on the COVID-19 outbreak.

On a quarter-on-quarter basis, losses widened by 11.9%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	191.53	45.36	(76.3 %)
Gross Income	25.06	4.38	(82.5 %)
Operating Income	14.89	(7.50)	(150.4 %)
Net Income	8.09	(18.84)	(333.0 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.54	(1.26)	(333.0 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	66.45	45.36	(31.7 %)
Gross Income	(1.40)	4.38	412.0 %
Operating Income	(11.66)	(7.50)	35.7 %
Net Income	(16.85)	(18.84)	(11.8 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(1.12)	(1.26)	(11.8 %)

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