Arabian Pipes Co. posted a net profit after Zakat and tax of SAR 1 million in Q1 2021, against a net loss of SAR 16.8 million a year earlier.
The company attributed the profit to the 94% growth year-on-year (YoY) in sales to SAR 129.3 million from SAR 66.5 million.
The firm was able to deliver the orders that were delayed due to the COVID-19 pandemic as well as decrease in the cost of goods sold. This increased gross profit margin for Q1 2021 compared to same period of 2020.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 66.45 | 129.34 | 94.6 % |
| Gross Income | (1.40) | 13.71 | 1076.4 % |
| Operating Income | (11.66) | 5.16 | 144.3 % |
| Net Income | (16.85) | 0.95 | 105.6 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.68) | 0.10 | 105.6 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 95.43 | 129.34 | 35.5 % |
| Gross Income | (140.52) | 13.71 | 109.8 % |
| Operating Income | (152.17) | 5.16 | 103.4 % |
| Net Income | (156.20) | 0.95 | 100.6 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (15.62) | 0.10 | 100.6 % |
On a sequential basis, the company turned to profit from a net loss of SAR 156.2 million on higher sales.
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