East Pipes Integrated Co. reported an over twofold increase in net profit after Zakat and tax to SAR 6.2 million in the first quarter ended June 30, 2022, from SAR 2.2 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 149.14 | 206.03 | 38.1 % |
| Gross Income | 11.36 | 18.54 | 63.2 % |
| Operating Income | 9.26 | 11.92 | 28.7 % |
| Net Income | 2.15 | 6.23 | 190.2 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.07 | 0.20 | 190.2 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 193.72 | 206.03 | 6.4 % |
| Gross Income | 14.87 | 18.54 | 24.7 % |
| Operating Income | 14.70 | 11.92 | (18.9 %) |
| Net Income | 14.32 | 6.23 | (56.5 %) |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.45 | 0.20 | (56.5 %) |
Compared to the previous quarter, net profit after Zakat and tax fell by 56.5% from SAR 14.3 million. The pipe manufacturer reported a 30% decline in sales volumes of pipes and a 45% rise in the average cost per ton of raw materials. It also reported a 73% increase in the expected credit loss provisions (trade receivables) with a 64% jump in finance charges.
Moreover, Zakat and income tax expenses surged 485%.
This came despite a 6% rise in average selling prices increased during the period. General and administrative expenses decreased by 23%, with selling and marketing expenses falling 40%.
Income tax expenses also saw a plunge of 120% during the period.
Shareholders’ equity, after minority interest, increased to SAR 521.43 million by the end of first quarter, from SAR 519.76 million a year earlier.
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