Financial Results : Arabian Pipes swings to SAR 39.1 mln loss in 9M 2020

Arabian Pipes swings to SAR 39.1 mln loss in 9M 2020

11/11/2020 Argaam Exclusive

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Arabian Pipes Co. (APC) reported a net loss after Zakat and tax of SAR 39.1 million for the first nine months of 2020, versus a net profit of SAR 25.4 million in year-earlier period.

 



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 581.91 273.86 (52.9 %)
Gross Income 75.81 9.22 (87.8 %)
Operating Income 46.93 (21.97) (146.8 %)
Net Income 25.37 (39.14) (254.3 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.69 (2.61) (254.3 %)

The losses came as the Riyadh plant’s storage agreement with Saudi Aramco has come into effect. The company’s largest plant in Jubail weighed on the nine-month results, due to contractor delays.

 

In addition, some client factories were closed due to the COVID-19 pandemic.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 210.35 162.04 (23.0 %)
Gross Income 28.35 6.24 (78.0 %)
Operating Income 20.54 (2.82) (113.7 %)
Net Income 9.19 (3.45) (137.6 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.61 (0.23) (137.6 %)

The company incurred a net loss after Zakat and tax of SAR 3.4 million for the third quarter of 2020, versus a net profit of SAR 9.2 million in prior-year period, due to lower sales and the COVID-19 impact.

 

The losses were also incurred as the Riyadh plant’s storage agreement with Saudi Aramco has come into effect.

 

On a quarter-on-quarter basis, losses narrowed by 82%, thanks to higher sales.

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