East Pipes Integrated Co. reported a net profit of SAR 2.2 million for the six months ended Sept. 30, 2023, a decline of 86% from SAR 15.5 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 509.11 | 269.11 | (47.1 %) |
| Gross Income | 32.33 | 26.79 | (17.2 %) |
| Operating Income | 25.21 | 15.96 | (36.7 %) |
| Net Income | 15.46 | 2.23 | (85.6 %) |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.49 | 0.07 | (85.6 %) |
This was driven by decreased sales volume in line with the delivery schedules of projects in the current period along with lower average selling price per ton. The company also cited higher variable costs related to the nature of contracts being implemented in the current period. Financing costs also increased, in line with higher SAIBOR.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 303.08 | 230.27 | (24.0 %) |
| Gross Income | 13.79 | 33.11 | 140.0 % |
| Operating Income | 13.29 | 27.37 | 106.1 % |
| Net Income | 9.22 | 20.79 | 125.4 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.29 | 0.66 | 125.4 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 38.85 | 230.27 | 492.8 % |
| Gross Income | (6.32) | 33.11 | 623.8 % |
| Operating Income | (11.42) | 27.37 | 339.8 % |
| Net Income | (18.56) | 20.79 | 212.0 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.59) | 0.66 | 212.0 % |
Q2 2023/24 net profit reached SAR 20.8 million, a more than two-fold increase from SAR 9.23 million a year earlier.
This was propelled by higher average selling prices per ton and lower average cost per ton of main raw materials.
On a sequential basis, the company turned to profitability from a net loss of SAR 18.56 million in Q1 2023/24.
Total shareholders’ equity, no minority interest, reached SAR 586.53 million by Sept. 30, 2023, compared to SAR 530.87 million in a year earlier period.
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