Arabian Pipes Co. (APC) swung to a net loss after Zakat and tax of SAR 195 million for 2020, versus a net profit of SAR 30.2 million a year earlier, due to an overall slowdown in economic activities during the year amid the COVID-19 pandemic.
The losses came as the APC reported a 50% drop year-on-year (YoY) in sales to SAR 369.2 million.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 741.09 | 369.29 | (50.2 %) |
| Gross Income | 96.47 | (131.30) | (236.1 %) |
| Operating Income | 62.66 | (174.15) | (377.9 %) |
| Net Income | 30.25 | (195.34) | (745.8 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 3.02 | (19.53) | (745.8 %) |
In addition, the company suspended some production lines, reduced working hours and days and postponed the schedules of delivering pipes to customers, due to the working-hours curfew and delays in customer projects.
APC also allocated additional inventory provisions at an estimated value of SAR 59.2 million, after a detailed assessment and a full review of the inventory with the external auditor.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 159.18 | 95.43 | (40.0 %) |
| Gross Income | 20.67 | (140.52) | (780.0 %) |
| Operating Income | 15.72 | (152.17) | (1067.9 %) |
| Net Income | 4.88 | (156.20) | (3301.5 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 0.49 | (15.62) | (3301.5 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 162.04 | 95.43 | (41.1 %) |
| Gross Income | 6.24 | (140.52) | (2351.2 %) |
| Operating Income | (2.82) | (152.17) | (5,302.0 %) |
| Net Income | (3.45) | (156.20) | (4,423.6 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (0.35) | (15.62) | (4,423.6 %) |
In Q4 2020, the company incurred a net loss of SAR 156 million against a net profit of SAR 4.83 million in the prior-year period.
Accumulated losses reached SAR 311 million, or 77.8% of capital by the end of 2020.
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