Financial Results : SVCP widens 2024 losses to SAR 108.5M; SAR 30.7M in Q4 on provisions

SVCP widens 2024 losses to SAR 108.5M; SAR 30.7M in Q4 on provisions

27/03/2025 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) slid into a deeper loss of SAR 108.5 million in 2024, compared to SAR 59 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 75.68 58.49 (22.7 %)
Gross Income 7.28 (4.21) (157.9 %)
Operating Income (13.37) (24.62) (84.2 %)
Net Income (59.14) (108.45) (83.4 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (1.08) (1.88) (74.7 %)
EPS (Riyal) (3.94) (7.23) (83.4 %)

The higher losses were attributed to a decline in revenue due to subdued demand for the company’s products. The pipe manufacturer also cited an increase in the cost of sales and an asset impairment provision of SAR 80.23 million.

 

In Q4 2024, net losses decreased by 40.9% to SAR 30.7 million from SAR 52 million in Q4 2023.

 

Similarly, SVCP lowered net losses by 46.4% from SAR 57.3 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 14.57 17.51 20.2 %
Gross Income 0.35 9.97 2733.2 %
Operating Income (3.34) 1.81 154.3 %
Net Income (52.15) (30.71) 41.1 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) (0.38) 0.06 114.9 %
EPS (Riyal) (3.48) (2.05) 41.1 %

Total shareholders’ equity, no minority interest, reached SAR 102.04 million as of Dec. 31, 2024, down from SAR 209.87 million a year earlier.

 

Accumulated losses reached SAR 47.9 million as of Dec. 31, 2024, representing 32% of the company’s capital.

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