Saudi Vitrified Clay Pipes Co.’s (SVCP) net loss after Zakat and tax increased to SAR 9.2 million in the first half of 2022, from a loss of SAR 1.2 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 47.42 | 31.29 | (34.0 %) |
| Gross Income | 11.54 | (1.69) | (114.6 %) |
| Operating Income | 0.15 | (12.87) | (8607.1 %) |
| Net Income | (1.21) | (9.21) | (664.1 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.08) | (0.61) | (664.1 %) |
The decline in earnings was attributed to a decrease in sales amid a slowdown of projects, and increase in the cost of sales.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 22.66 | 12.76 | (43.7 %) |
| Gross Income | 4.41 | (4.57) | (203.8 %) |
| Operating Income | (0.79) | (10.18) | (1,193.6 %) |
| Net Income | (1.43) | (10.48) | (631.1 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.10) | (0.70) | (631.1 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 18.54 | 12.76 | (31.2 %) |
| Gross Income | 2.89 | (4.57) | (258.3 %) |
| Operating Income | (2.69) | (10.18) | (278.1 %) |
| Net Income | 1.28 | (10.48) | (921.6 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.09 | (0.70) | (921.6 %) |
SVCP also widened losses after Zakat and tax to SAR 10.5 million in Q2 2022, from a loss of SAR 1.43 million in Q2 2021.
In Q1 2021, SVCP posted a net profit of SAR 1.28 million.
Shareholders’ equity, after minority interest, stood at SAR 267.73 million as of June 30, 2022, compared to SAR 277.77 million a year earlier.
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