Financial Results : Saudi Vitrified Pipes incurs net loss of SAR 2.1 mln for 2021, Q4 profit drops 42% to SAR 870,000

Saudi Vitrified Pipes incurs net loss of SAR 2.1 mln for 2021, Q4 profit drops 42% to SAR 870,000

07/03/2022 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. reported a net loss after Zakat and tax of SAR 2.1 million for 2021, versus a net profit of SAR 10.7 million a year earlier, driven by lower sales and higher cost of sales. 



Financials (M)

Item 2020 2021 Change‬
Revenues 123.37 88.72 (28.1 %)
Gross Income 39.97 21.50 (46.2 %)
Operating Income 13.04 (1.08) (108.3 %)
Net Income 10.68 (2.06) (119.3 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 0.71 (0.14) (119.3 %)
EPS (Riyal) 0.71 (0.14) (119.3 %)

Q4 2021 net profit slumped 42% year-on-year (YoY) to SAR 870,000.

 

The company swung to net profit in Q4 compared to a loss of SAR 1.76 million in the third quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 26.70 21.11 (20.9 %)
Gross Income 8.59 5.53 (35.6 %)
Operating Income 1.48 0.30 (80.0 %)
Net Income 1.50 0.91 (39.3 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) 0.10 0.06 (39.3 %)
EPS (Riyal) 0.10 0.06 (39.3 %)

Total shareholders’ equity excluding minority interest dropped 0.7% YoY to SAR 277 million for 2021.

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