Arabian Pipes Co. reported net loss after Zakat and tax of SAR 35.7 million for the first half of 2020, versus net profit of SAR 16.2 million in year-earlier period, driven by lower sales revenue and higher provisions.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 371.56 | 111.82 | (69.9 %) |
| Gross Income | 47.46 | 2.98 | (93.7 %) |
| Operating Income | 28.88 | (19.16) | (166.3 %) |
| Net Income | 16.19 | (35.69) | (320.5 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 1.62 | (3.57) | (320.5 %) |
The company incurred net loss after Zakat and tax of SAR 18.8 million for the second quarter of 2020, versus net profit of SAR 8.1 million in prior-year period, due to a slump in sales revenue by 76% on the COVID-19 outbreak.
On a quarter-on-quarter basis, losses widened by 11.9%.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 191.53 | 45.36 | (76.3 %) |
| Gross Income | 25.06 | 4.38 | (82.5 %) |
| Operating Income | 14.89 | (7.50) | (150.4 %) |
| Net Income | 8.09 | (18.84) | (333.0 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 0.81 | (1.88) | (333.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 66.45 | 45.36 | (31.7 %) |
| Gross Income | (1.40) | 4.38 | 412.0 % |
| Operating Income | (11.66) | (7.50) | 35.7 % |
| Net Income | (16.85) | (18.84) | (11.8 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.68) | (1.88) | (11.8 %) |
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