East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 63 million in the nine-month period ended Dec. 31, 2022, against a loss of SAR 17.6 million a year earlier.
The profit was attributed to increased sales volumes and average realized sales prices, which pushed revenue and gross profit higher. The company also cited a decrease in provision of customers’ receivables.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 403.75 | 996.35 | 146.8 % |
| Gross Income | 12.87 | 100.77 | 682.9 % |
| Operating Income | 0.30 | 86.67 | 29082.5 % |
| Net Income | (17.57) | 62.98 | 458.5 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.56) | 2.00 | 458.5 % |
The pipe maker also turned to a net profit of SAR 47.5 million in Q3 2022, against a net loss of SAR 18.84 million a year before on higher sales volume.
Compared to the previous quarter, Q3 2022 net profit soared from SAR 9.23 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 133.25 | 487.25 | 265.7 % |
| Gross Income | (7.53) | 68.43 | 1008.3 % |
| Operating Income | (14.50) | 61.47 | 524.0 % |
| Net Income | (18.84) | 47.52 | 352.3 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.60) | 1.51 | 352.3 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 303.08 | 487.25 | 60.8 % |
| Gross Income | 13.79 | 68.43 | 396.1 % |
| Operating Income | 13.29 | 61.47 | 362.7 % |
| Net Income | 9.22 | 47.52 | 415.2 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.29 | 1.51 | 415.2 % |
Shareholders’ equity, with no minority interest, increased to SAR 578.53 million as of Dec. 31, 2022, from SAR 50022 million a year earlier.
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