Arabian Pipes turns to SAR 9 mln profit in 2022, Q4 at SAR 16.5 mln

26/03/2023 Argaam Exclusive

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Arabian Pipes Co. (APC) reported a net profit of SAR 9 million in 2022, versus a net loss of SAR 62.1 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	388.70	479.05	23.2 %
Gross Income	16.24	30.03	85.0 %
Operating Income	(49.78)	(8.59)	82.7 %
Net Income	(62.08)	(10.49)	83.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(4.14)	(0.70)	83.1 %

This was fostered by a 37% sales increase year-on-year (YoY) on operation and delivery of new awarded projects, an improvement in the delivery schedules, in addition to higher profit margins.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	42.67	173.29	306.2 %
Gross Income	(1.22)	10.28	944.7 %
Operating Income	(36.02)	2.40	106.7 %
Net Income	(33.15)	(2.97)	91.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(2.21)	(0.20)	91.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	175.42	173.29	(1.2 %)
Gross Income	25.79	10.28	(60.1 %)
Operating Income	18.26	2.40	(86.9 %)
Net Income	9.94	(2.97)	(129.8 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.66	(0.20)	(129.8 %)

Q4 2022 net profit reached SAR 16.5 million, versus a net loss of SAR 33.15 million in Q4 2021.

On a quarterly basis, net profit jumped by 66.1% from SAR 9.94 million in Q3 2022.

Shareholders’ equity, excluding minority interest, reached 115 million by Dec. 31, 2022, compared to SAR 105.7 million in the prior-year period.

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