Financial Results : Arabian Pipes narrows H1 2021 net loss to SAR 12.1 mln

Arabian Pipes narrows H1 2021 net loss to SAR 12.1 mln

19/08/2021 Argaam Exclusive

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Arabian Pipes Co. narrowed its net loss after Zakat and tax to SAR 12.1 million for the first half of 2021 compared to SAR 35.7 million in year-earlier period.

 

The company attributed the decrease in losses to higher sales and gross profit margin.

 

The company, during this period, also delivered orders to customers, which were delayed in previous months due to COVID-19.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 111.82 253.42 126.6 %
Gross Income 2.98 18.62 525.4 %
Operating Income (19.16) (3.25) 83.1 %
Net Income (35.69) (12.11) 66.1 %
Average Shares 15.00 15.00 -
EPS (Riyals) (2.38) (0.81) 66.1 %

The company also narrowed net loss after Zakat and tax to SAR 13.1 million for the second quarter of 2021, from SAR 18.8 million in the same period last year, due to higher inventory provisions.

 

On a quarter-on-quarter basis, Arabian Pipes turned to losses from a net profit of SAR 1 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 45.36 124.08 173.5 %
Gross Income 4.38 4.91 12.1 %
Operating Income (7.50) (8.41) (12.1 %)
Net Income (18.84) (13.06) 30.7 %
Average Shares 15.00 15.00 -
EPS (Riyals) (1.26) (0.87) 30.7 %

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