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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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 21.96 (3.2 %) 1.46 - 21.96 1.46
Q2 2015 32.80 17.7 % 2.19 - 32.80 2.19
Q3 2015 21.71 (16.5 %) 1.45 - 21.71 1.45
Q4 2015 26.76 11.4 % 1.78 - 26.76 1.78
Q1 2016 33.63 53.1 % 2.24 - 33.63 2.24
Q2 2016 23.90 (27.1 %) 1.59 - 23.90 1.59
Q3 2016 12.14 (44.1 %) 0.81 - 12.14 0.81
Q4 2016 3.59 (86.6 %) 0.24 - 3.59 0.24
Q1 2017 11.96 (64.4 %) 0.80 - 11.96 0.80
Q2 2017 16.05 (32.8 %) 1.07 - 16.05 1.07
Q3 2017 1.34 (88.9 %) 0.09 - 1.34 0.09
Q4 2017 (0.39) (111.0 %) (0.03) - (0.39) (0.03)
Q1 2018 1.78 (85.1 %) 0.12 - 1.78 0.12
Q2 2018 0.88 (94.5 %) 0.06 - 0.88 0.06
Q3 2018 1.59 18.3 % 0.11 - 1.59 0.11
Q4 2018 0.14 135.5 % 0.01 - 0.14 0.01
Q1 2019 1.60 (10.1 %) 0.11 - 1.60 0.11
Q2 2019 0.61 (30.1 %) 0.04 - 0.61 0.04
Q3 2019 1.45 (8.6 %) 0.10 - 1.45 0.10
Q4 2019 5.10 3542.9 % 0.34 - 5.10 0.34
Q1 2020 5.41 237.7 % 0.36 - 5.41 0.36
Q2 2020 2.86 365.1 % 0.19 - 2.86 0.19
Q3 2020 0.91 (37.6 %) 0.06 - 0.91 0.06
Q4 2020 1.50 (70.6 %) 0.10 - 1.50 0.10
Q1 2021 0.23 (95.8 %) 0.02 - 0.23 0.02
Q2 2021 (1.43) (150.2 %) (0.10) - (1.43) (0.10)
Q3 2021 (1.76) (294.6 %) (0.12) - (1.76) (0.12)
Q4 2021 0.91 (39.3 %) 0.06 - 0.91 0.06
Q1 2022 1.28 457.2 % 0.09 4.50 (3.22) (0.21)
Q2 2022 (10.48) (631.1 %) (0.70) - (10.48) (0.70)
Q3 2022 (1.00) 43.5 % (0.07) - (1.00) (0.07)
Q4 2022 1.44 58.2 % 0.10 8.58 (7.13) (0.48)
Q1 2023 (2.86) (323.9 %) (0.19) - (2.86) (0.19)
Q2 2023 (0.50) 95.3 % (0.03) 3.42 (3.91) (0.26)
Q3 2023 (3.64) (266.0 %) (0.24) - (3.64) (0.24)
Q4 2023 (52.15) (3718.7 %) (3.48) (46.41) (5.73) (0.38)
Q1 2024 (5.50) (92.5 %) (0.37) - (5.50) (0.37)
Q2 2024 (13.96) (2,713.6 %) (0.93) - (13.96) (0.93)
Q3 2024 (57.30) (1,473.5 %) (3.82) (48.67) (8.62) (0.57)
Q4 2024 (30.71) 41.1 % (2.05) (31.57) 0.86 0.06
2024 (108.45) (83.4 %) (7.23) (80.24) (28.21) (1.88)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 92.76 22.6 % 36.87 21.5 % 30.10 28.2 %
Q2 2015 95.45 9.3 % 43.78 27.0 % 34.43 22.1 %
Q3 2015 90.56 2.7 % 42.29 27.3 % 32.74 24.8 %
Q4 2015 111.54 21.8 % 42.14 14.5 % 30.77 8.1 %
Q1 2016 104.08 12.2 % 44.08 19.5 % 33.22 10.4 %
Q2 2016 78.16 (18.1 %) 33.90 (22.6 %) 25.04 (27.3 %)
Q3 2016 58.01 (35.9 %) 20.69 (51.1 %) 13.35 (59.2 %)
Q4 2016 53.37 (52.2 %) 15.18 (64.0 %) 4.30 (86.0 %)
Q1 2017 53.83 (48.3 %) 19.65 (55.4 %) 12.46 (62.5 %)
Q2 2017 53.58 (31.5 %) 25.35 (25.2 %) 17.67 (29.4 %)
Q3 2017 24.40 (57.9 %) 6.36 (69.2 %) 1.14 (91.4 %)
Q4 2017 32.55 (39.0 %) 5.09 (66.5 %) (1.10) (125.6 %)
Q1 2018 31.84 (40.8 %) 7.93 (59.7 %) 2.66 (78.6 %)
Q2 2018 28.98 (45.9 %) 6.34 (75.0 %) 1.60 (91.0 %)
Q3 2018 29.45 20.7 % 7.59 19.3 % 2.46 114.8 %
Q4 2018 27.69 (14.9 %) 3.90 (23.4 %) 0.76 168.7 %
Q1 2019 30.13 (5.4 %) 8.26 4.3 % 2.42 (9.0 %)
Q2 2019 23.53 (18.8 %) 7.33 15.6 % 1.36 (14.8 %)
Q3 2019 28.36 (3.7 %) 7.85 3.4 % 2.45 (0.3 %)
Q4 2019 40.60 46.6 % 14.65 275.9 % 5.75 659.0 %
Q1 2020 40.55 34.6 % 13.35 61.6 % 6.10 151.7 %
Q2 2020 28.03 19.1 % 10.04 36.8 % 3.63 166.7 %
Q3 2020 28.09 (1.0 %) 8.00 1.9 % 1.83 (25.4 %)
Q4 2020 26.70 (34.2 %) 8.59 (41.4 %) 1.48 (74.3 %)
Q1 2021 24.75 (38.9 %) 7.13 (46.6 %) 0.94 (84.6 %)
Q2 2021 22.66 (19.2 %) 4.41 (56.1 %) (0.79) (121.7 %)
Q3 2021 20.19 (28.1 %) 4.43 (44.6 %) (1.52) (183.4 %)
Q4 2021 21.11 (20.9 %) 5.53 (35.6 %) 0.30 (80.0 %)
Q1 2022 18.54 (25.1 %) 2.89 (59.5 %) (2.69) (387.0 %)
Q2 2022 12.76 (43.7 %) (4.57) (203.8 %) (10.18) (1,193.6 %)
Q3 2022 20.10 (0.4 %) 5.63 27.2 % (0.39) 74.4 %
Q4 2022 24.96 18.2 % 0.47 (91.6 %) (6.36) (2245.3 %)
Q1 2023 20.58 11.0 % 3.22 11.4 % (2.28) 15.3 %
Q2 2023 18.79 47.3 % 1.37 129.9 % (4.48) 56.0 %
Q3 2023 21.73 8.1 % 2.34 (58.4 %) (3.26) (737.8 %)
Q4 2023 14.57 (41.6 %) 0.35 (24.3 %) (3.34) 47.4 %
Q1 2024 14.83 (28.0 %) (0.49) (115.3 %) (5.54) (142.9 %)
Q2 2024 9.66 (48.6 %) (7.97) (682.7 %) (13.11) (192.5 %)
Q3 2024 16.49 (24.1 %) (4.75) (303.0 %) (6.81) (108.7 %)
Q4 2024 17.51 20.2 % 9.97 2733.2 % 1.81 154.3 %
2024 58.49 (22.7 %) (4.21) (157.9 %) (24.62) (84.2 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 39.29 % 27.75 %
Q2 2015 40.95 % 28.48 %
Q3 2015 43.13 % 27.13 %
Q4 2015 42.30 % 26.45 %
Q1 2016 42.90 % 28.61 %
Q2 2016 42.26 % 27.58 %
Q3 2016 40.03 % 27.41 %
Q4 2016 38.77 % 24.95 %
Q1 2017 36.74 % 21.19 %
Q2 2017 36.96 % 19.99 %
Q3 2017 35.93 % 17.78 %
Q4 2017 34.35 % 17.62 %
Q1 2018 31.42 % 13.19 %
Q2 2018 21.84 % 3.06 %
Q3 2018 21.94 % 3.14 %
Q4 2018 21.83 % 3.72 %
Q1 2019 22.45 % 3.62 %
Q2 2019 24.44 % 3.56 %
Q3 2019 24.92 % 3.47 %
Q4 2019 31.07 % 7.15 %
Q1 2020 32.46 % 9.45 %
Q2 2020 33.36 % 10.78 %
Q3 2020 33.54 % 10.40 %
Q4 2020 32.40 % 8.65 %
Q1 2021 31.38 % 5.10 %
Q2 2021 27.52 % 1.17 %
Q3 2021 26.04 % (1.55 %)
Q4 2021 24.23 % (2.32 %)
Q1 2022 20.91 % (6.68 %)
Q2 2022 11.40 % (20.05 %)
Q3 2022 13.07 % (19.02 %)
Q4 2022 5.78 % (28.60 %)
Q1 2023 6.05 % (27.39 %)
Q2 2023 12.65 % (17.65 %)
Q3 2023 8.59 % (20.39 %)
Q4 2023 9.62 % (21.33 %)
2023 9.62 % (21.33 %)
Q1 2024 5.10 % (26.87 %)
Q2 2024 (9.48 %) (47.44 %)
Q3 2024 (23.14 %) (60.88 %)
Q4 2024 (5.53 %) (46.56 %)
2024 (7.20 %) (48.23 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 15.00 6.66 6.66 16.77
Q2 2015 15.00 6.99 6.99 17.46
Q3 2015 15.00 6.70 6.70 18.91
Q4 2015 15.00 6.88 6.88 17.69
Q1 2016 15.00 7.66 7.66 21.19
Q2 2016 15.00 7.07 7.07 21.29
Q3 2016 15.00 6.43 6.43 22.10
Q4 2016 15.00 4.88 4.88 22.37
Q1 2017 15.00 3.44 3.44 22.13
Q2 2017 15.00 2.92 2.92 23.20
Q3 2017 15.00 2.20 2.20 21.79
Q4 2017 15.00 1.93 1.93 20.32
Q1 2018 15.00 1.25 1.25 19.78
Q2 2018 15.00 0.24 0.24 19.78
Q3 2018 15.00 0.26 0.26 19.89
Q4 2018 15.00 0.29 0.29 19.54
Q1 2019 15.00 0.28 0.28 19.65
Q2 2019 15.00 0.26 0.26 19.69
Q3 2019 15.00 0.25 0.25 19.79
Q4 2019 15.00 0.58 0.58 19.01
Q1 2020 15.00 0.84 0.84 19.37
Q2 2020 15.00 0.99 0.99 19.56
Q3 2020 15.00 0.95 0.95 19.62
Q4 2020 15.00 0.71 0.71 18.60
Q1 2021 15.00 0.37 0.37 18.61
Q2 2021 15.00 0.08 0.08 18.52
Q3 2021 15.00 (0.10) (0.10) 18.40
Q4 2021 15.00 (0.14) (0.14) 18.46
Q1 2022 15.00 (0.07) (0.37) 18.55
Q2 2022 15.00 (0.67) (0.97) 17.85
Q3 2022 15.00 (0.62) (0.92) 17.78
Q4 2022 15.00 (0.58) (1.46) 17.91
Q1 2023 15.00 (0.86) (1.43) 17.72
Q2 2023 15.00 (0.19) (0.99) 17.69
Q3 2023 15.00 (0.37) (1.17) 17.45
Q4 2023 15.00 (3.94) (1.08) 13.99
Q1 2024 15.00 (4.12) (1.25) 13.65
Q2 2024 15.00 (5.02) (1.92) 12.65
Q3 2024 15.00 (8.59) (2.25) 8.83
Q4 2024 15.00 (7.16) (1.82) 6.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 15.10 15.10 5.99
Q2 2015 14.27 14.27 5.71
Q3 2015 12.39 12.39 4.39
Q4 2015 13.67 13.67 5.32
Q1 2016 10.75 10.75 3.89
Q2 2016 13.02 13.02 4.32
Q3 2016 10.57 10.57 3.07
Q4 2016 14.70 14.70 3.21
Q1 2017 16.42 16.42 2.55
Q2 2017 17.19 17.19 2.16
Q3 2017 23.02 23.02 2.32
Q4 2017 29.98 29.98 2.85
Q1 2018 41.29 41.29 2.61
Q2 2018 More than 100 More than 100 2.53
Q3 2018 More than 100 More than 100 2.46
Q4 2018 More than 100 More than 100 2.67
Q1 2019 More than 100 More than 100 2.47
Q2 2019 More than 100 More than 100 2.13
Q3 2019 More than 100 More than 100 2.45
Q4 2019 90.34 90.34 2.78
Q1 2020 44.30 44.30 1.92
Q2 2020 42.26 42.26 2.13
Q3 2020 62.00 62.00 3.01
Q4 2020 More than 100 More than 100 5.32
Q1 2021 More than 100 More than 100 5.52
Q2 2021 More than 100 More than 100 5.82
Q3 2021 NEG NEG 5.23
Q4 2021 NEG NEG 4.17
Q1 2022 NEG NEG 3.77
Q2 2022 NEG NEG 2.81
Q3 2022 NEG NEG 2.72
Q4 2022 NEG NEG 2.18
Q1 2023 NEG NEG 2.43
Q2 2023 NEG NEG 2.68
Q3 2023 NEG NEG 2.60
Q4 2023 NEG NEG 3.42
Q1 2024 NEG NEG 3.52
Q2 2024 NEG NEG 3.55
Q3 2024 NEG NEG 4.99
Q4 2024 NEG NEG 5.61

Business Segments (Million)

Compared With The
Period Sales of clay pipes sector Cement pipe sector sales
Q1 2023 20.58 -
Q2 2023 18.79 -
Q3 2023 21.73 -
Q1 2024 14.71 0.12
Q2 2024 9.39 0.27
Q3 2024 14.22 2.27
Q4 2024 11.87 5.64


Financial Ratios
Current
Market Cap (M Riyal) 396.00
Enterprise Value (EV) (M) 418.64
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (7.37)
Book Value (BV) ( Riyal) 6.23
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.24
Return on Average Assets (%) (TTM) (51.92 )
Return on Average Equity (%) (TTM) (74.20 )
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Share Price

Saudi Vitrified Clay Pipes Co.
26.40
(1.00) (3.65 %)

Saudi Vitrified Clay Pipes Co. (SVCP)

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