Arabian Pipes Co. (APC) reported a net loss after Zakat and tax of SAR 39.1 million for the first nine months of 2020, versus a net profit of SAR 25.4 million in year-earlier period.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 581.91 | 273.86 | (52.9 %) |
| Gross Income | 75.81 | 9.22 | (87.8 %) |
| Operating Income | 46.93 | (21.97) | (146.8 %) |
| Net Income | 25.37 | (39.14) | (254.3 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 2.54 | (3.91) | (254.3 %) |
The losses came as the Riyadh plant’s storage agreement with Saudi Aramco has come into effect. The company’s largest plant in Jubail weighed on the nine-month results, due to contractor delays.
In addition, some client factories were closed due to the COVID-19 pandemic.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 210.35 | 162.04 | (23.0 %) |
| Gross Income | 28.35 | 6.24 | (78.0 %) |
| Operating Income | 20.54 | (2.82) | (113.7 %) |
| Net Income | 9.19 | (3.45) | (137.6 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 0.92 | (0.35) | (137.6 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 45.36 | 162.04 | 257.2 % |
| Gross Income | 4.38 | 6.24 | 42.5 % |
| Operating Income | (7.50) | (2.82) | 62.4 % |
| Net Income | (18.84) | (3.45) | 81.7 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.88) | (0.35) | 81.7 % |
The company incurred a net loss after Zakat and tax of SAR 3.4 million for the third quarter of 2020, versus a net profit of SAR 9.2 million in prior-year period, due to lower sales and the COVID-19 impact.
The losses were also incurred as the Riyadh plant’s storage agreement with Saudi Aramco has come into effect.
On a quarter-on-quarter basis, losses narrowed by 82%, thanks to higher sales.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}