Arabian Pipes Co. (APC) swung to a net profit of SAR 132 million in 2023, against a net loss of SAR 10.5 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 479.05 | 1,076.71 | 124.8 % |
| Gross Income | 30.03 | 224.85 | 648.7 % |
| Operating Income | (8.59) | 158.71 | 1948.2 % |
| Net Income | (10.49) | 132.11 | 1359.6 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.05) | 13.21 | 1359.6 % |
The profit was driven by sales rising to SAR 1.07 billion as the company won new contracts and delivered other projects last year.
Meanwhile, APC was awarded new projects for its plants to support production levels.
During the period, the company continued to see improved production and financing costs.
The company remained committed to delivering the contracted projects during the previous year.
In Q4 2023, the company turned to a net profit of SAR 40.69 million against a loss of SAR 2.97 million in Q4 2022.
APC’s fourth-quarter bottom line fell 9.3% from SAR 44.85 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 173.29 | 302.67 | 74.7 % |
| Gross Income | 10.28 | 68.92 | 570.4 % |
| Operating Income | 2.40 | 48.89 | 1938.9 % |
| Net Income | (2.97) | 40.69 | 1472.3 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (0.30) | 4.07 | 1472.3 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 279.12 | 302.67 | 8.4 % |
| Gross Income | 67.55 | 68.92 | 2.0 % |
| Operating Income | 50.35 | 48.89 | (2.9 %) |
| Net Income | 44.85 | 40.69 | (9.3 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 4.48 | 4.07 | (9.3 %) |
Shareholders’ equity, no minority interest, rose to SAR 233.12 million as of Dec. 31, 2023, from SAR 101.31 million a year earlier.
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