East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 15.5 million in the first half ended Sept. 30, 2022, from SAR 1.3 million in the year-earlier period.
The profit growth was attributed to higher pipe sales volumes and average sales prices, which resulted in a 47% sequential rise in revenues.
The company also cited a decline in expected credit loss allowance, as a result of larger collections for outstanding amounts from customers.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 270.50 | 509.11 | 88.2 % |
| Gross Income | 20.41 | 32.33 | 58.5 % |
| Operating Income | 14.79 | 25.21 | 70.4 % |
| Net Income | 1.27 | 15.46 | 1113.3 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.04 | 0.49 | 1113.3 % |
The company turned to a profit of SAR 9.2 million in Q2 2022/2023, against a loss of SAR 0.87 million a year earlier, driven by higher realized average sales prices and lower selling and marketing expenses.
Sequentially, profit rose 48% from SAR 6.23 million in Q1 2022/23.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 121.36 | 303.08 | 149.7 % |
| Gross Income | 9.04 | 13.79 | 52.5 % |
| Operating Income | 5.53 | 13.29 | 140.2 % |
| Net Income | (0.87) | 9.22 | 1155.5 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.03) | 0.29 | 1155.5 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 206.03 | 303.08 | 47.1 % |
| Gross Income | 18.54 | 13.79 | (25.6 %) |
| Operating Income | 11.92 | 13.29 | 11.5 % |
| Net Income | 6.23 | 9.22 | 48.0 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.20 | 0.29 | 48.0 % |
Shareholders’ equity, after minority interest, increased to SAR 530.871 million as of Sept. 30, 2022, from SAR 518.973 million a year earlier.
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