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East Pipes Integrated Company for Industry announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 230,267,231 | 303,078,780 | -24.02 | 38,846,285 | 492.76 |
| Gross Profit (Loss) | 33,109,702 | 13,792,761 | 140.05 | -6,321,359 | - |
| Operational Profit (Loss) | 28,006,440 | 13,687,155 | 104.62 | -11,921,617 | - |
| Net Profit (Loss) after Zakat and Tax | 20,793,355 | 9,224,842 | 125.41 | -18,561,259 | - |
| Total Comprehensive Income | 20,836,406 | 9,444,539 | 120.62 | -18,254,653 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 269,113,516 | 509,104,951 | -47.14 |
| Gross Profit (Loss) | 26,788,343 | 32,334,252 | -17.15 |
| Operational Profit (Loss) | 16,084,823 | 25,553,156 | -37.05 |
| Net Profit (Loss) after Zakat and Tax | 2,232,096 | 15,457,652 | -85.56 |
| Total Comprehensive Income | 2,581,753 | 15,880,711 | -83.74 |
| Total Share Holders Equity (after Deducting Minority Equity) | 586,522,559 | 530,870,839 | 10.48 |
| Profit (Loss) per Share | 0.07 | 0.49 | |
| All figures are in (Actual) 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 company recorded a profit of SAR 20 million for the Second quarter of FY24 (“2Q-FY24”), compared to a net profit of SAR 9 million in the similar quarter of FY23 (“2Q-FY23), This is mainly resulting from the increase in average sales prices per ton and the decrease in the average cost per ton of main raw materials. |
| 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 company reported a net profit of SAR 20 million in 2Q-FY24, compared to a net loss of SAR 18 million in the first quarter of FY24 (“1Q-FY24”) This is mainly resulted from: - The increase of both Volumetric sales and average selling price / ton in the current period. - The cost of raw materials decreased 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 company reported a net profit of SAR 2 million in H1-FY24 versus SAR 15 million for the same period in H1-FY23, this is mainly resulted from: - Decreased sales volume in line with the delivery schedules of projects in the current period along with the decrease of average selling price / ton. - An increase in variable costs related to the nature of contracts being implemented in the current period. - Financing costs increased, in line with increasing SAIBOR. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures for the prior period have been reclassified to conform with the current period’s presentation. |
| Additional Information | None. |
| 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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