Financial Results : Arabian Pipes swings to SAR 1 mln profit in Q1 2021

Arabian Pipes swings to SAR 1 mln profit in Q1 2021

30/06/2021 Argaam Exclusive

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Arabian Pipes Co. posted a net profit after Zakat and tax of SAR 1 million in Q1 2021, against a net loss of SAR 16.8 million a year earlier.

 

The company attributed the profit to the 94% growth year-on-year (YoY) in sales to SAR 129.3 million from SAR 66.5 million.

 

The firm was able to deliver the orders that were delayed due to the COVID-19 pandemic as well as decrease in the cost of goods sold. This increased gross profit margin for Q1 2021 compared to same period of 2020.

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 66.45 129.34 94.6 %
Gross Income (1.40) 13.71 1076.4 %
Operating Income (11.66) 5.16 144.3 %
Net Income (16.85) 0.95 105.6 %
Average Shares 15.00 15.00 -
EPS (Riyals) (1.12) 0.06 105.6 %

On a sequential basis, the company turned to profit from a net loss of SAR 156.2 million on higher sales.

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