Arabian Pipes reports profit of SAR 46.6 mln in H1 2023; Q2 at SAR 33.2 mln

13/08/2023 Argaam Exclusive

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Arabian Pipes Co. reported a net profit of SAR 46.6 million in H1 2023, versus a net loss of SAR 17.5 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	130.93	532.96	307.1 %
Gross Income	(5.36)	99.44	1955.6 %
Operating Income	(25.10)	70.52	380.9 %
Net Income	(17.47)	56.94	426.0 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(1.16)	3.80	426.0 %

In the first half of 2023, sales rose 272% to nearly SAR 495 million, compared to SAR 133.1 million in the previous year. Gross profit margins also reached about 17.8% from a loss of 2.8%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	70.04	318.28	354.4 %
Gross Income	(6.43)	70.77	1201.5 %
Operating Income	(11.59)	56.60	588.4 %
Net Income	(4.25)	45.45	1168.6 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.28)	3.03	1168.6 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	214.68	318.28	48.3 %
Gross Income	28.67	70.77	146.8 %
Operating Income	13.92	56.60	306.7 %
Net Income	11.50	45.45	295.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.77	3.03	295.3 %

Q2 2023 net profit reached SAR 33.2 million, versus a net loss of SAR 4.25 million in a year-earlier period.

The profits were driven by a 279% year-on-year (YoY) increase in sales to SAR 265 million, on the company’s ability to secure projects. The pipe manufacturer also cited higher gross profit margins for Q2 2023.

On a quarterly basis, net earnings more than doubled from SAR 13.3 million in Q1 2023.

Shareholders’ equity, no minority interest, reached SAR 161.6 million by June 30, 2023, compared to SAR 88.2 million a year earlier.

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