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 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	45.36	162.04	257.2 %
Gross Income	4.38	6.24	42.5 %
Operating Income	(7.50)	(2.82)	62.4 %
Net Income	(18.84)	(3.45)	81.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(1.26)	(0.23)	81.7 %

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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