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Arabian Pipes Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

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1445/04/17     01/11/2023 08:31:14

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 279.1175.459.122655.32
Gross Profit (Loss) 67.525.7162.6560.910.84
Operational Profit (Loss) 50.318.2176.374414.32
Net Profit (Loss) after Zakat and Tax 44.89.9352.5233.234.94
Total Comprehensive Income 44.89.9352.5233.234.94
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 774305.7153.19
Gross Profit (Loss) 155.919.7691.37
Operational Profit (Loss) 109.8-10.9-
Net Profit (Loss) after Zakat and Tax 91.4-7.5-
Total Comprehensive Income 91.4-7.5-
Total Share Holders Equity (after Deducting Minority Equity) 206.498.1110.4
Profit (Loss) per Share 9.14-0.75
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
0100,000,0000
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 the increase in net profit to reach SR 44.8 MM for the third quarter of 2023 compared to net of SR 9.9 MM for the same period of 2022 is due to:

1. Increase in the company’s sales for the current quarter by 59% to reach SR 279.1 MM compared to SR 175.4 MM for the same period in 2022, the reasons of this increase are:

• During the last period, the company has been successful in obtaining projects

• The company started to produce and deliver the pipes of new awarded projects.

• The continuity and stability of production during the last period and the improvement of delivery schedules.

2. Improve the cost which leads to improve gross profit margin percentage for the third quarter of 2023 AD increased by approximately 24% compared to 14.7% for same quarter of the previous year. As a result, The gross profit achieved SR 67.5 MM, compared to a profit of SR 25.7 MM.

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 increase in net profit to SR 44.8 MM for the third quarter of 2023 AD, compared to the previous quarter's amount of approximately SR 33.2 MM, can be attributed to the consistent delivery of projects. This resulted in higher sales and lower costs for the current quarter, leading to an increase in the gross profit margin percentage to around 24% compared to approximately 23% for 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 main reason of the increase in net profit for the year 2023, reaching 91.4 MM compared to losses of SR (7.5) MM in 2022, can be attributed to a 153% increase in sales. YTD of 2023, sales amounted to approximately SR 774 MM, while in the same period of 2022, it was SR 305.7 MM. This increase also led to a rise in the gross profit margin to around 20.1% compared to 6.4% in the same period of 2022.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion N/A
Reclassification of Comparison Items ‫ Some of the comparative numbers have been reclassified to be consistent with the current period presentation
Additional Information - The company's total sales for the third quarter of 2023 increased by an estimated rate of 59% to reach 279.1 MM, compared to SR 175.4 MM for the same quarter of the previous year.

- The company achieved a net profit of about 44.8 MM for the third quarter of 2023, compared to SR 9.9 MM for the same period of the previous year.

- Sales of this period in 2023 reached approximately 774 MM, a significant increase compared to 305.7 MM during the same period in 2022. This rise also led to an improvement in the gross profit margin, which now stands at around 20.1% compared to 6.4%. Consequently, the gross profit amounted to 155.9 MM compared to 19.7 MM for the same period in 2022.

- The total shareholders' equity (no minority rights) for the current period amounted to 206.4 MM, compared to 98.1 MM for the same period of the previous year. The main reason for this increase is the rise in retained earnings, which amounted to about 106 MM.

- Sales for the current quarter reached approximately 279 MM, while sales for the previous quarter (the second quarter of 2023) amounted to about 265 MM. This indicates the company's ability to continue working on recently acquired projects and delivering them to customers. It also highlights the stability and continuity of production and supply, as well as the improvement in production costs since the third quarter of last year. It's worth noting that the company currently has projects worth over 1.7 billion riyals.

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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