Financial Results : Arabian Pipes turns to SAR 91.4 mln profit in 9M 2023; Q3 at SAR 44.8 mln

Arabian Pipes turns to SAR 91.4 mln profit in 9M 2023; Q3 at SAR 44.8 mln

01/11/2023 Argaam Exclusive

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Arabian Pipes Co. (APC) swung to a net profit of SAR 91.4 million the first nine months of 2023, against a net loss of SAR 7.5 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 305.76 767.08 150.9 %
Gross Income 19.75 159.19 705.9 %
Operating Income (10.99) 118.48 1178.5 %
Net Income (7.52) 93.69 1345.3 %
Average Shares 15.00 15.00 -
EPS (Riyals) (0.50) 6.25 1345.3 %

The pipe manufacturer said the positive results were spurred by a 153% increase year-on-year (YoY) in sales revenue. Sales revenue year to date reached approximately SAR 774 million, up from SAR 305.7 million in the first nine months of 2022. This increase also led to a rise in the gross profit margin to around 20.1% compared to 6.4% in the same period of 2022



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 175.42 234.12 33.5 %
Gross Income 25.79 59.75 131.7 %
Operating Income 18.26 44.76 145.2 %
Net Income 9.94 36.74 269.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 0.66 2.45 269.5 %

In Q3 2023, net profit skyrocketed to SAR 44.8 million compared to SAR 9.94 million in Q3 2022, as revenue leapt 59% YoY to SAR 279.1 million.

 

The revenue growth was backed by the new projects won by APC and improved supply. Further, the company started to produce and deliver the pipes for projects awarded earlier.

 

Production was stable during the period in Riyadh and Jubail plants.

 

APC’s third-quarter bottom line jumped 34.9% from SAR 33.2 million in Q2 2023, thanks to better sales and lower costs. Gross profit margins expanded to around 24% from 23% in Q2 2023.

 

Shareholders’ equity, no minority interest, rose to SAR 206.4 million as of Sept. 30, 2023, from SAR 98.1 million a year earlier.

 

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