Arabian Pipes turns to SAR 132.1M profit in 2023; Q4 at SAR 40.7M

05/03/2024 Argaam Exclusive

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Arabian Pipes Co. (APC) swung to a net profit of SAR 132 million in 2023, against a net loss of SAR 10.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	479.05	1,076.71	124.8 %
Gross Income	30.03	224.85	648.7 %
Operating Income	(8.59)	158.71	1948.2 %
Net Income	(10.49)	132.11	1359.6 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.70)	8.81	1359.6 %

The profit was driven by sales rising to SAR 1.07 billion as the company won new contracts and delivered other projects last year.

Meanwhile, APC was awarded new projects for its plants to support production levels.

During the period, the company continued to see improved production and financing costs.

The company remained committed to delivering the contracted projects during the previous year.

In Q4 2023, the company turned to a net profit of SAR 40.69 million against a loss of SAR 2.97 million in Q4 2022.

APC’s fourth-quarter bottom line fell 9.3% from SAR 44.85 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	173.29	302.67	74.7 %
Gross Income	10.28	68.92	570.4 %
Operating Income	2.40	48.89	1938.9 %
Net Income	(2.97)	40.69	1472.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.20)	2.71	1472.3 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	234.12	302.67	29.3 %
Gross Income	59.75	68.92	15.3 %
Operating Income	44.76	48.89	9.2 %
Net Income	36.74	40.69	10.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	2.45	2.71	10.7 %

Shareholders’ equity, no minority interest, rose to SAR 233.12 million as of Dec. 31, 2023, from SAR 101.31 million a year earlier.

Attached Documents:

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