East Pipes Integrated Company for Industry reported a net loss of SAR 3.25 million for the fiscal year ended March 31, 2022, against a net profit of SAR 148.27 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 935.51 | 597.47 | (36.1 %) |
| Gross Income | 230.20 | 27.75 | (87.9 %) |
| Operating Income | 207.68 | 15.00 | (92.8 %) |
| Net Income | 148.27 | (3.25) | (102.2 %) |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 4.71 | (0.10) | (102.2 %) |
The loss was attributed to a steep decline of 36% year-on-year (YoY) in revenue, coupled with the unprecedented increase in the cost of the company’s basic raw materials.
General and administrative expenses increased by SAR 2.6 million YoY, as a result of the company’s restructuring and the corporate governance system. Selling and marketing expenses increased by SAR 2.9 million YoY during FY 2022/23.
However, this was partially offset by a drop in financing costs of SAR 15.4 million, and a decline of SAR 15.6 million YoY in depreciation costs.
| Item | Q4 2020 | Q4 2021 | Change |
|---|
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 133.25 | 193.72 | 45.4 % |
| Gross Income | (7.53) | 14.87 | 297.4 % |
| Operating Income | (14.50) | 14.70 | 201.4 % |
| Net Income | (18.84) | 14.32 | 176.0 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.60) | 0.45 | 176.0 % |
Shareholders’ equity, after minority interest, reached SAR 514.990 million by the end of the fiscal year, compared to SAR 517.617 million a year earlier.
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