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East Pipes Integrated Company for Industry announces its Annual Financial Results for the Period Ending on 2023-03-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,438,646,383 | 597,465,405 | 140.79 | ||
| Gross Profit (Loss) | 155,799,702 | 27,745,328 | 461.53 | ||
| Operational Profit (Loss) | 133,036,710 | 14,999,514 | 786.94 | ||
| Net Profit (Loss) after Zakat and Tax | 99,920,835 | -3,245,320 | - | ||
| Total Comprehensive Income | 100,450,678 | -2,626,942 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 615,440,806 | 514,990,128 | 19.5 | ||
| Profit (Loss) per Share | 3.17 | -0.1 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | East Pipes reported a net profit of SAR 100 million for FY23, compared to a net loss of SAR 3 million for FY22. The key reasons for the change in net profit are: Revenues The company achieved revenues of SAR 1.4 billion in FY2023, translating to a grow up of 141% from SAR 597 million during the previous fiscal year. Total sales volumes increase 80% for Pipes sales and 142% for Coating sales. These positive results were partially offset by the high cost of revenue due to an increase in the cost of raw materials, manpower expenses, and operational expenses. Gross profit Gross profit increased to SAR 156 million from SAR 28 million (462% YoY), as a result of the dual impact of rise in sales volumes and better average sales prices, supported by a robust recovery in demand. Net profit East Pipes reported a net profit of SAR 100 million for FY2023, compared to a net loss of SAR 3 million in FY2022, which is attributed to a substantial improvement in project activity. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | The figures have been reclassified per Note 31 on page 43 of the FS. |
| Attached Documents |  |
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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Net Change 1.0 (+0.72%)
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