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East Pipes Integrated Company for Industry announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 38,846,285 | 206,026,171 | -81.14 | 442,292,342 | -91.22 |
| Gross Profit (Loss) | -6,321,359 | 18,541,491 | - | 52,419,706 | - |
| Operational Profit (Loss) | -11,921,617 | 11,866,001 | - | 49,204,174 | - |
| Net Profit (Loss) after Zakat and Tax | -18,561,259 | 6,232,810 | - | 36,939,210 | - |
| Total Comprehensive Income | -18,254,653 | 6,436,172 | - | 36,909,739 | - |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 597,186,153 | 521,426,300 | 14.53 |
| Profit (Loss) per Share | -0.59 | 0.2 | |
| 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 net loss of SAR 19 million for the first quarter of FY24 (“1Q-FY24”), compared to a net profit of SAR 6 million in the similar quarter of FY23 (“1Q-FY23), due to the following reasons: Revenues: The company reported revenues of SAR 39 million in 1Q-FY24, compared to SAR 206 million, resulting in a decrease of 81.1% when compared to similar period of the last year. This is mainly because of a decline in sales volume in line with the delivery schedules of projects in the current period. Gross loss amounted to SAR 6 million in 1Q-FY24, when compared to a gross profit of SAR 19 million in 1Q-FY23, essentially due to the decrease in sales volume. Net loss: The company recorded a net loss of SAR 19 million in 1Q-FY24, compared to a net profit of SAR 6 million in 1Q-FY23, as a result of a decline in sales volume in the current period and a slight increase in financing costs in-line with an upward trend at the prevailing SAIBOR rates. |
| 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 loss of SAR 19 million in 1Q-FY24, compared to a net profit of SAR 37 million in the fourth quarter of FY23 (“4Q-FY23”) due to the following reasons: Revenue of SAR 39 million, declined 91.2% when compared to revenue of SAR 442 million in 4Q-FY23, essentially due to the decrease in sales volume. Gross loss amounted to SAR 6 million in 1Q-FY24, compared to a gross profit of SAR 52 million in the previous quarter, due to the decrease in sales volumes of pipes. Net loss: The company recorded a net loss of SAR 19 million in 1Q-FY24, compared to a net profit of SAR 37 million in 4Q-FY23, as a result of a decline in sales volume in line with the delivery schedules of projects in the current period. |
| 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. |
| 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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