Financial Results : SVCP widens losses to SAR 20.4M in H1 2024; Q2 at SAR 14M

SVCP widens losses to SAR 20.4M in H1 2024; Q2 at SAR 14M

11/08/2024 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) widened its net loss to SAR 20.4 million in H1 2024, from SAR 3.4 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 39.37 24.48 (37.8 %)
Gross Income 4.59 (7.74) (268.8 %)
Operating Income (6.76) (16.53) (144.5 %)
Net Income (3.35) (17.58) (424.3 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (0.45) (1.17) (159.7 %)
EPS (Riyal) (0.22) (1.17) (424.3 %)

Q2 2024 net loss amounted to SAR 14 million.

 

This was attributed to lower sales on weak demand and slowdown of some projects.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 18.79 9.66 (48.6 %)
Gross Income 1.37 (7.25) (630.1 %)
Operating Income (4.48) (10.99) (145.2 %)
Net Income (0.50) (12.08) (2,334.2 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) (0.26) (0.81) (208.7 %)
EPS (Riyal) (0.03) (0.81) (2,334.2 %)

Shareholders’ equity, no minority interest, dropped to SAR 189.75 million as of June 30, 2024, from SAR 265.35 million a year earlier.

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