Financial Results : SVCP posts SAR 9.6M loss in 9M 2025, earns SAR 10.7M in Q3 on one-off gains

SVCP posts SAR 9.6M loss in 9M 2025, earns SAR 10.7M in Q3 on one-off gains

11/11/2025 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) trimmed net losses to SAR 9.6 million in the first nine months of 2025, from SAR 73.9 million in the prior-year period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 40.98 44.59 8.8 %
Gross Income (11.58) (8.66) 25.2 %
Operating Income (23.82) (29.20) (22.6 %)
Net Income (73.92) (9.55) 87.1 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (1.68) (2.09) (24.0 %)
EPS (Riyal) (4.93) (0.64) 87.1 %

The lower losses were driven by a year-on-year (YoY) rise in revenue, thanks to improved cement sales in SVCP’s subsidiary.

 

The company also incurred zero losses from depreciation of plant, property and equipment.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 16.49 16.75 1.5 %
Gross Income (3.84) (3.20) 16.7 %
Operating Income (7.30) (10.40) (42.6 %)
Net Income (56.34) 10.66 118.9 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) (0.51) (0.74) (44.9 %)
EPS (Riyal) (3.76) 0.71 118.9 %

In Q3 2025, SVCP turned to a net profit of SAR 10.7 million, against net losses of SAR 56.3 million in Q3 2024 and SAR 11.46 million in Q2 2025, owing to elevated other income.

 

Total shareholders’ equity, no minority interest, declined to SAR 92.48 million as of Sept. 30, 2025, from SAR 132.5 million a year earlier.

 

Accumulated losses stood at SAR 57.5 million, or 38% of the company’s capital, by the end of the nine-month period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %) (7.25) (630.1 %) (10.99) (145.2 %)
Q3 2024 16.49 (24.1 %) (3.84) (264.0 %) (7.30) (123.6 %)
Q4 2024 17.51 20.2 % 9.97 2733.2 % 1.81 154.3 %
Q1 2025 13.10 (11.7 %) (1.02) (107.1 %) (7.80) (40.8 %)
Q2 2025 14.76 52.8 % (4.44) 38.7 % (10.88) 1.0 %
Q3 2025 16.75 1.5 % (3.20) 16.7 % (10.40) (42.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 (12.08) (2,334.2 %) (0.81) - (12.08) (0.81)
Q3 2024 (56.34) (1,447.2 %) (3.76) (48.67) (7.67) (0.51)
Q4 2024 (30.71) 41.1 % (2.05) (31.57) 0.86 0.06
Q1 2025 (8.63) (57.0 %) (0.58) - (8.63) (0.58)
Q2 2025 (11.46) 5.1 % (0.76) - (11.46) (0.76)
Q3 2025 10.66 118.9 % 0.71 21.76 (11.11) (0.74)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 42.90 % 37.45 % 28.61 %
Q2 2016 42.26 % 36.82 % 27.58 %
Q3 2016 40.03 % 34.57 % 27.41 %
Q4 2016 38.77 % 31.96 % 24.95 %
Q1 2017 36.74 % 30.24 % 21.19 %
Q2 2017 36.96 % 29.40 % 19.99 %
Q3 2017 35.93 % 27.59 % 17.78 %
Q4 2017 34.35 % 27.33 % 17.62 %
Q1 2018 31.42 % 24.73 % 13.19 %
Q2 2018 21.84 % 15.99 % 3.06 %
Q3 2018 21.94 % 16.43 % 3.14 %
Q4 2018 21.83 % 18.45 % 3.72 %
Q1 2019 22.45 % 18.43 % 3.62 %
Q2 2019 24.44 % 19.05 % 3.56 %
Q3 2019 24.92 % 18.51 % 3.47 %
Q4 2019 31.07 % 21.42 % 7.15 %
Q1 2020 32.46 % 22.47 % 9.45 %
Q2 2020 33.36 % 23.35 % 10.78 %
Q3 2020 33.54 % 23.41 % 10.40 %
Q4 2020 32.40 % 21.89 % 8.65 %
Q1 2021 31.38 % 20.24 % 5.10 %
Q2 2021 27.52 % 16.91 % 1.17 %
Q3 2021 26.04 % 14.70 % (1.55 %)
Q4 2021 24.23 % 14.24 % (2.32 %)
Q1 2022 20.91 % 10.86 % (6.68 %)
Q2 2022 11.40 % (0.63 %) (20.05 %)
Q3 2022 13.07 % 0.89 % (19.02 %)
Q4 2022 5.78 % (7.98 %) (28.60 %)
Q1 2023 6.05 % (7.18 %) (27.39 %)
Q2 2023 12.65 % 0.13 % (17.65 %)
Q3 2023 8.59 % (3.13 %) (20.39 %)
Q4 2023 9.62 % 2.02 % (21.33 %)
Q1 2024 5.10 % (3.59 %) (26.87 %)
Q2 2024 (8.30 %) (15.40 %) (44.34 %)
Q3 2024 (20.21 %) (24.61 %) (55.77 %)
Q4 2024 (2.74 %) (21.32 %) (41.70 %)
2024 (7.20 %) (21.32 %) (48.23 %)
Q1 2025 (3.75 %) (27.97 %) (48.49 %)
Q2 2025 1.09 % (27.90 %) (43.49 %)
Q3 2025 2.12 % (35.28 %) (48.85 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 (4.89) (1.80) 12.84
Q3 2024 15.00 (8.40) (2.07) 9.08
Q4 2024 15.00 (6.98) (1.63) 6.80
Q1 2025 15.00 (7.18) (1.83) 6.23
Q2 2025 15.00 (7.14) (1.79) 5.46
Q3 2025 15.00 (2.68) (2.02) 6.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 3.50
Q3 2024 NEG NEG 4.85
Q4 2024 NEG NEG 5.61
Q1 2025 NEG NEG 5.72
Q2 2025 NEG NEG 5.80
Q3 2025 NEG NEG 4.61

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
Q1 2025 6.24 6.85
Q2 2025 7.43 7.32
Q3 2025 9.66 7.09


Financial Ratios
Current
Market Cap (M Riyal) 318.15
Enterprise Value (EV) (M Riyal) 354.45
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (2.68)
Book Value (BV) ( Riyal) 6.17
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 3.44
Return on Average Assets (%) (TTM) (21.56 )
Return on Average Equity (%) (TTM) (35.10 )
EV/adj EBITDA (16.18)
EV/Revenues 5.71
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Share Price

Saudi Vitrified Clay Pipes Co.
21.21
(0.50) (2.30 %)

Saudi Vitrified Clay Pipes Co. (SVCP)

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