Arabian Pipes Co. reported a net profit of SAR 46.6 million in H1 2023, versus a net loss of SAR 17.5 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 130.93 | 494.92 | 278.0 % |
| Gross Income | (5.36) | 88.38 | 1749.3 % |
| Operating Income | (25.10) | 59.46 | 336.9 % |
| Net Income | (17.47) | 46.57 | 366.6 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.75) | 4.66 | 366.6 % |
In the first half of 2023, sales rose 272% to nearly SAR 495 million, compared to SAR 133.1 million in the previous year. Gross profit margins also reached about 17.8% from a loss of 2.8%.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 70.04 | 265.04 | 278.4 % |
| Gross Income | (6.43) | 60.91 | 1048.0 % |
| Operating Income | (11.59) | 44.07 | 480.2 % |
| Net Income | (4.25) | 33.27 | 882.2 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (0.43) | 3.33 | 882.2 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 214.68 | 265.04 | 23.5 % |
| Gross Income | 28.67 | 60.91 | 112.4 % |
| Operating Income | 13.91 | 44.07 | 216.8 % |
| Net Income | 11.49 | 33.27 | 189.5 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 1.15 | 3.33 | 189.5 % |
Q2 2023 net profit reached SAR 33.2 million, versus a net loss of SAR 4.25 million in a year-earlier period.
The profits were driven by a 279% year-on-year (YoY) increase in sales to SAR 265 million, on the company’s ability to secure projects. The pipe manufacturer also cited higher gross profit margins for Q2 2023.
On a quarterly basis, net earnings more than doubled from SAR 13.3 million in Q1 2023.
Shareholders’ equity, no minority interest, reached SAR 161.6 million by June 30, 2023, compared to SAR 88.2 million a year earlier.
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