Saudi Vitrified Clay Pipes Co. (SVCP) widened net losses after Zakat and tax to SAR 10.2 million in the first nine months of 2022, from SAR 3 million in the year-ago period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 67.60 | 51.39 | (24.0 %) |
| Gross Income | 15.97 | 3.95 | (75.3 %) |
| Operating Income | (1.37) | (13.26) | (866.4 %) |
| Net Income | (2.97) | (10.20) | (244.0 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.20) | (0.68) | (244.0 %) |
The company reported a decline in sales on lower demand for pipes in general, due to projects slowdown and higher cost of sales.
In Q3 2022, SVCP cut its net loss after Zakat and tax to SAR 990,000, from SAR 1.76 million in Q3 2021.
Losses also narrowed by 90.6% from SAR 10.48 million in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 20.19 | 20.10 | (0.4 %) |
| Gross Income | 4.43 | 5.63 | 27.2 % |
| Operating Income | (1.52) | (0.39) | 74.4 % |
| Net Income | (1.76) | (1.00) | 43.5 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.12) | (0.07) | 43.5 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 12.76 | 20.10 | 57.6 % |
| Gross Income | (4.57) | 5.63 | 223.2 % |
| Operating Income | (10.18) | (0.39) | 96.2 % |
| Net Income | (10.48) | (1.00) | 90.5 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.70) | (0.07) | 90.5 % |
Shareholders’ equity, after minority interest, stood at SAR 266.7 million as of Sept. 30, 2022, down from SAR 276 million a year earlier.
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