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East Pipes turns to net loss of SAR 3.25 mln in FY 2021/22
East Pipes Integrated Company for Industry reported a net loss of SAR 3.25 million for the fiscal year ended March 31, 2022, against a net profit of SAR 148.27 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 935.51 | 597.47 | (36.1 %) |
| Gross Income | 230.20 | 27.75 | (87.9 %) |
| Operating Income | 207.68 | 15.00 | (92.8 %) |
| Net Income | 148.27 | (3.25) | (102.2 %) |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 4.71 | (0.10) | (102.2 %) |
The loss was attributed to a steep decline of 36% year-on-year (YoY) in revenue, coupled with the unprecedented increase in the cost of the company’s basic raw materials.
General and administrative expenses increased by SAR 2.6 million YoY, as a result of the company’s restructuring and the corporate governance system. Selling and marketing expenses increased by SAR 2.9 million YoY during FY 2022/23.
However, this was partially offset by a drop in financing costs of SAR 15.4 million, and a decline of SAR 15.6 million YoY in depreciation costs.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|
Shareholders’ equity, after minority interest, reached SAR 514.990 million by the end of the fiscal year, compared to SAR 517.617 million a year earlier.
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Share Price
East Pipes Integrated Company for Industry (EAST PIPES)
| Current | |
| Market Cap (M Riyal) | 4,473.00 |
| Enterprise Value (EV) (M) | 4,405.71 |
| Shares Outstanding ((M)) | 31.50 |
| EPS ( Riyal) (TTM) | 14.27 |
| Book Value (BV) ( Riyal) | 31.27 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 9.95 |
| P/E (TTM) | 9.95 |
| Price/book | 4.54 |
| Return on Average Assets (%) (TTM) | 33.4 |
| Return on Average Equity (%) (TTM) | 57.2 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | 149.14 | - | 11.36 | - | 9.26 | - |
| Q2 2021 | 121.36 | - | 9.04 | - | 5.53 | - |
| Q3 2021 | 133.25 | - | (7.53) | - | (14.50) | - |
| Q4 2021 | 193.72 | - | 14.87 | - | 14.70 | - |
| 2021 | 597.47 | (36.1 %) | 27.75 | (87.9 %) | 15.00 | (92.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2021 | 2.15 | - | 0.07 | - | 2.15 | 0.07 |
| Q2 2021 | (0.87) | - | (0.03) | - | (0.87) | (0.03) |
| Q3 2021 | (18.84) | - | (0.60) | - | (18.84) | (0.60) |
| Q4 2021 | 14.32 | - | 0.45 | - | 14.32 | 0.45 |
| 2021 | (3.25) | (102.2 %) | (0.10) | - | (3.25) | (0.10) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | 4.64 % | 6.55 % | (0.54 %) |
| 2021 | 4.64 % | 6.55 % | (0.54 %) |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | 31.50 | - | - | 16.50 |
| Q2 2021 | 31.50 | - | - | 16.48 |
| Q3 2021 | 31.50 | - | - | 15.88 |
| Q4 2021 | 31.50 | (0.10) | (0.10) | 16.35 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Sale of goods | Rendering of services |
|---|---|---|
| Q1 2021 | 130.98 | 18.16 |
| Q2 2021 | 113.66 | 7.70 |
| Q3 2021 | 123.83 | 9.42 |
| Q4 2021 | 176.81 | 16.90 |
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