Arabian Pipes Co. narrowed its net loss after Zakat and tax to SAR 12.1 million for the first half of 2021 compared to SAR 35.7 million in year-earlier period.
The company attributed the decrease in losses to higher sales and gross profit margin.
The company, during this period, also delivered orders to customers, which were delayed in previous months due to COVID-19.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 111.82 | 253.42 | 126.6 % |
| Gross Income | 2.98 | 18.62 | 525.4 % |
| Operating Income | (19.16) | (3.25) | 83.1 % |
| Net Income | (35.69) | (12.11) | 66.1 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (3.57) | (1.21) | 66.1 % |
The company also narrowed net loss after Zakat and tax to SAR 13.1 million for the second quarter of 2021, from SAR 18.8 million in the same period last year, due to higher inventory provisions.
On a quarter-on-quarter basis, Arabian Pipes turned to losses from a net profit of SAR 1 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 45.36 | 124.08 | 173.5 % |
| Gross Income | 4.38 | 4.91 | 12.1 % |
| Operating Income | (7.50) | (8.41) | (12.1 %) |
| Net Income | (18.84) | (13.06) | 30.7 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.88) | (1.31) | 30.7 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 129.34 | 124.08 | (4.1 %) |
| Gross Income | 13.71 | 4.91 | (64.2 %) |
| Operating Income | 5.16 | (8.41) | (262.9 %) |
| Net Income | 0.95 | (13.06) | (1474.3 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 0.10 | (1.31) | (1474.3 %) |
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