Financial Results : Arabian Pipes turns to net loss of SAR 13.2 mln in Q1 2022

Arabian Pipes turns to net loss of SAR 13.2 mln in Q1 2022

24/05/2022 Argaam Exclusive

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Arabian Pipes Co. (APC) swung to a net loss after Zakat and tax of SAR 13.2 million in Q1 2022, against a net profit of SAR 1 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 129.34 61.72 (52.3 %)
Gross Income 13.71 1.43 (89.5 %)
Operating Income 5.16 (12.69) (345.7 %)
Net Income 0.95 (13.21) (1490.8 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.06 (0.88) (1490.8 %)

The pipe manufacturer posted negative results due to a 51% year-on-year (YoY) decrease in the company’s sales for the current quarter to SAR 63.1 million. The company did not start production at the newly-awarded projects. It was also completing ongoing projects for delivery to clients.

 

The first-quarter net losses after Zakat and tax narrowed by 57.7% from SAR 31.18 million in Q4 2021, thanks to better sales compared to the previous quarter.

 

Total shareholders’ equity, after minority interest, reached SAR 92.5 million by the end of the three-month period, down from SAR 207.3 million a year earlier.

 

Accumulated losses stood at SAR 84.5 million, accounting for 84.5% of the company’s capital by the end of the three-month period.

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