Saudi Vitrified Clay Pipes Co. (SVCP) reported a plunge of 95.7% in net profit after Zakat and tax to SAR 230,000 for the first quarter of 2021, from SAR 5.41 million in the year-ago period.
The profit fall was attributed to a decrease in sales amid low demand for pipes in general, and the slowdown in projects.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 40.55 | 24.75 | (38.9 %) |
| Gross Income | 13.35 | 7.13 | (46.6 %) |
| Operating Income | 6.10 | 0.94 | (84.6 %) |
| Net Income | 5.41 | 0.23 | (95.8 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.36 | 0.02 | (95.8 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 26.70 | 24.75 | (7.3 %) |
| Gross Income | 8.59 | 7.13 | (16.9 %) |
| Operating Income | 1.48 | 0.94 | (36.7 %) |
| Net Income | 1.50 | 0.23 | (84.7 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.10 | 0.02 | (84.7 %) |
When compared to Q4 2020, the company net profit after Zakat and tax tumbled 84.5% from SAR 1.49 million, due to a decrease in sales amid low demand for pipes in general, and the slowdown in projects.
Shareholders’ equity, excluding minority interest, dropped by 3.9% to SAR 279.21 million by the end of Q1 2021, compared to SAR 290.51 million in the year-ago period.
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