Arabian Pipes Co. narrowed its net loss after Zakat and tax to SAR 28.9 million for the first nine months of 2021 compared to SAR 39.1 million in the year-earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 273.86 | 346.03 | 26.4 % |
| Gross Income | 9.22 | 17.45 | 89.3 % |
| Operating Income | (21.97) | (13.76) | 37.4 % |
| Net Income | (39.14) | (28.94) | 26.1 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (3.91) | (2.89) | 26.1 % |
The improvement came on the back of 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 | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 162.04 | 92.61 | (42.8 %) |
| Gross Income | 6.24 | (1.16) | (118.6 %) |
| Operating Income | (2.82) | (10.51) | (273.2 %) |
| Net Income | (3.45) | (16.83) | (387.4 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (0.35) | (1.68) | (387.4 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 124.08 | 92.61 | (25.4 %) |
| Gross Income | 4.91 | (1.16) | (123.7 %) |
| Operating Income | (8.41) | (10.51) | (25.0 %) |
| Net Income | (13.06) | (16.83) | (28.9 %) |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | (1.31) | (1.68) | (28.9 %) |
The net loss after Zakat and tax widened to SAR 16.8 million in Q3 2021, from SAR 3.5 million in Q3 2020, due to lower sales.
On a quarter-on-quarter basis, Arabian Pipes deepened losses in Q3 from SAR 13.1 million.
Shareholders’ equity, after minority interest, decreased to SAR 177.4 million as of Sept. 30, 2021, from SAR 488.8 million a year earlier.
Accumulated losses amounted to SAR 340 million as of Sept. 30, 2021, representing 85% of the company's capital.
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