Arabian Pipes narrows net loss to SAR 28.9 mln in 9M 2021

10/11/2021 Argaam Exclusive

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Arabian Pipes Co. narrowed its net loss after Zakat and tax to SAR 28.9 million for the first nine months of 2021 compared to SAR 39.1 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	273.86	346.03	26.4 %
Gross Income	9.22	17.45	89.3 %
Operating Income	(21.97)	(13.76)	37.4 %
Net Income	(39.14)	(28.94)	26.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(2.61)	(1.93)	26.1 %

The improvement came on the back of 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.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	162.04	92.61	(42.8 %)
Gross Income	6.24	(1.16)	(118.6 %)
Operating Income	(2.82)	(10.51)	(273.2 %)
Net Income	(3.45)	(16.83)	(387.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.23)	(1.12)	(387.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	124.08	92.61	(25.4 %)
Gross Income	4.91	(1.16)	(123.7 %)
Operating Income	(8.41)	(10.51)	(25.0 %)
Net Income	(13.06)	(16.83)	(28.9 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.87)	(1.12)	(28.9 %)

The net loss after Zakat and tax widened to SAR 16.8 million in Q3 2021, from SAR 3.5 million in Q3 2020, due to lower sales.

On a quarter-on-quarter basis, Arabian Pipes deepened losses in Q3 from SAR 13.1 million.

Shareholders’ equity, after minority interest, decreased to SAR 177.4 million as of Sept. 30, 2021, from SAR 488.8 million a year earlier.

Accumulated losses amounted to SAR 340 million as of Sept. 30, 2021, representing 85% of the company's capital.

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