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Arabian Pipes Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 175.4 | 92.6 | 89.42 | 70 | 150.57 |
| Gross Profit (Loss) | 25.8 | -1.2 | - | -6.4 | - |
| Operational Profit (Loss) | 18.3 | -10.5 | - | -11.6 | - |
| Net Profit (Loss) after Zakat and Tax | 10 | -16.8 | - | -4.3 | - |
| Total Comprehensive Income | 10 | -16.8 | - | -4.3 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 308.5 | 346 | -10.84 |
| Gross Profit (Loss) | 22 | 17.5 | 25.71 |
| Operational Profit (Loss) | -4.7 | -13.8 | -65.94 |
| Net Profit (Loss) after Zakat and Tax | -7.5 | -29 | -74.14 |
| Total Comprehensive Income | -7.5 | -29 | -74.14 |
| Total Share Holders Equity (after Deducting Minority Equity) | 98.2 | 177.4 | -44.64 |
| Profit (Loss) per Share | -0.75 | -2.89 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -0.98 | 100 | 0.98 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for recording a net profit of SR 10 MM for the third quarter of 2022 compared to a net loss of SR (16.8) MM for the same quarter of 2021 is due to: Increase in the company’s sales for the current quarter of 2022 by around 89% to reach SR 175.4 MM compared to SR 92.6 MM for the same period in 2021. The reasons for this are: 1- The company started to deliver to the client the pipes for the new orders that have been recently awarded to the company. 2- Stability of production and delivery for both factories (Riyadh and Jubail) during the quarter, which helped to increase the sales and reduce the cost of production. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The net profit for the current quarter is SR 10 MM, compared to losses of around at (4.2) MM for the previous quarter. The reason for the profits this quarter is the increase in sales , improvement in gross profit decrease in G&A in this period compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the decrease in net losses for this period in 2022 to reach SR (7.5) MM compared to losses around SR (29) MM for the same period in 2021 to decrease in cost of sales margin and selling and distribution expenses compared to the same period of the last year. |
| Statement of the type of external auditor's report | Qualified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Basis for Qualified Conclusion: - As at September 30, 2022, the Company's current liabilities exceeded its current assets by SR 205,2 million (31 December 2021: SR 222.2 million), also the Company has negative cash flows from operating activities amounted to SR 82,9 million as at September 30, 2022. These conditions indicate the existence of a material uncertainty that may cast doubt over the Company’s ability to continue as a going concern. - The Company has obtained approval of Capital Market Authority dated March 17, 2022, for increase the share capital through right-issue of SR 300 million. However, the request of the increase in share capital was rejected by the majority shareholders. - On July 17, 2022, the Board at Directors issued a recommendation to increase the capital by an amount of SR 150 million, this recommendation is subject to the approval of the relevant regulatory authorities and the extraordinary general assembly that has not held until the date of approval of the accompanying interim condensed financial statements by the company’s board of directors Conclusion: Based on our review, with the exception of the matter described in the above paragraph, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34 as endorsed in the Kingdom of Saudi Arabia. |
| Reclassification of Comparison Items | Certain figures for the comparative period have been reclassified to conform to the presentation for the current period. |
| Additional Information | - Sales increased in the third quarter of 2022 by 89% compared to the same period in 2021 to reach SR 175.4 MM , compared to SR 92.6 MM and the net profit for the third quarter of 2022 was SR 10 MM compared to a loss of around SR (16.8) MM for the same period in 2021. - Accumulated losses as of September 30, 2022 amounted to SR (0.9) MM compared to SR (411.2) MM at the end of the year 2021. - Total equity (there are no minority rights) during the current period reached SR 98.2 MM compared to SR 105.7 MM at the end of 2021. - At the end of 2021 until now, the company has been awarded several projects with a total value of more than SR 1 billion. The impact of these projects begins during this quarter, when the company starts to produce and deliver the pipes to the clients of these projects which improve the sales and the gross profit of this quarter. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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