Arabian Pipes trims 2021 net loss to SAR 60.1 mln; Q4 at SAR 31.2 mln

31/03/2022 Argaam Exclusive

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Arabian Pipes Co. narrowed its net loss after Zakat and tax to SAR 60.1 million in 2021, from SAR 195 million in 2020, driven by higher sales, improved economic activities, and a decline in the cost of goods sold.

Financials (M)

Item	2020	2021	Change‬
Revenues	369.29	388.70	5.3 %
Gross Income	(131.30)	16.24	112.4 %
Operating Income	(174.15)	(49.78)	71.4 %
Net Income	(195.34)	(62.08)	68.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(13.02)	(4.14)	68.2 %

Q4 net loss shrank to SAR 31.2 million, from SAR 156.20 million in Q4 2020.

On a sequential level, Q4 net losses widened from SAR 16.83 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	95.43	42.67	(55.3 %)
Gross Income	(140.52)	(1.22)	99.1 %
Operating Income	(152.17)	(36.02)	76.3 %
Net Income	(156.20)	(33.15)	78.8 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(10.41)	(2.21)	78.8 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	92.61	42.67	(53.9 %)
Gross Income	(1.16)	(1.22)	(4.6 %)
Operating Income	(10.51)	(36.02)	(242.6 %)
Net Income	(16.83)	(33.15)	(96.9 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(1.12)	(2.21)	(96.9 %)

Total shareholders’ equity, excluding minority interest, dropped 36.4% year-on-year (YoY) to SAR 105.7 million, from SAR 166.2 million in 2020.

Accumulated losses stood at SAR 300 million, accounting for 102.81% of capital, in 2021.

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