Arabian Pipes Co. (APC) reported a net loss after Zakat and tax of SAR 16.8 million for Q1 2020, against a net profit of SAR 8.1 million a year earlier.
The losses were attributed to a 63% fall year-on-year (YoY) in sales revenue to SAR 66.5 million. The company’s biggest project with Saudi Aramco in Al-Jubail was hit by contractors’ delays.
In addition, APC’s one-year agreement with Saudi Aramco to store pipes in the former’s warehouses has entered into effect.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 180.03 | 66.45 | (63.1 %) |
| Gross Income | 22.39 | (1.40) | (106.3 %) |
| Operating Income | 13.99 | (11.66) | (183.3 %) |
| Net Income | 8.10 | (16.85) | (308.0 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 0.81 | (1.68) | (308.0 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 159.18 | 66.45 | (58.3 %) |
| Gross Income | 20.67 | (1.40) | (106.8 %) |
| Operating Income | 15.72 | (11.66) | (174.1 %) |
| Net Income | 4.88 | (16.85) | (445.3 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 0.49 | (1.68) | (445.3 %) |
APC turned to losses from a net profit of SAR 3.3 million in Q4 2019, due to lower sales revenue.
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