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Arabian Pipes Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 531.6 | 388.7 | 36.76 | ||
| Gross Profit (Loss) | 48.6 | 16.2 | 200 | ||
| Operational Profit (Loss) | 10.9 | -47.8 | - | ||
| Net Profit (Loss) after Zakat and Tax | 8.9 | -60.1 | - | ||
| Total Comprehensive Income | 9.3 | -60.5 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 115 | 105.7 | 8.8 | ||
| Profit (Loss) per Share | 0.9 | -6.01 | |||
| All figures are in (Millions) 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 | The reason for the increase in net profit for the year 2022 AD compared to loss for the year 2021 AD is due to: 1. Increase in the company’s sales for the year 2022 AD, by about 37%, at an amount of SR 531.6 MM compared to SR 388.6 MM for the year 2021 AD, the reasons of this increase are: • The company stared 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. An increase in the profit margin percentage for the year 2022 compared to 2021 AD, reaching 9.1% compared to 4.1% for the year 2021 AD, which led to gross profit of SR 48.6 MM compared to SR 16.2 MM for the year 2021 AD. |
| Statement of the type of external auditor's report | Emphasis of matter |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Refer to note no. (2/4), which is related to going concern, the company's current liabilities exceeded its current assets by SAR 154.4 million as at December 31, 2022 (December 31, 2021: SAR 247.9 million), and the company has a negative cash flows from operating activities amounting to SAR 43.5 million as at December 31, 2022. These circumstances indicate the existence of a material uncertainty that may cast doubt on the Company's ability to continue as a going concern. On July 17, 2022, the Board of Directors issued a recommendation to increase the capital by an amount of SAR 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 financial statements by the company’s board of directors. The company has appointed an "independent" specialized consulting office to prepare a strategic business plan for the company for the next five years (2023-2027). The study showed an improvement in the indicators and performance of the company for this period, and this gives an indication of the company's ability to continue on the basis of the going concern principle. Accordingly, it was approved by the Board of Directors. Accordingly, the financial statements were prepared on the basis of going concern and do not include any adjustments that may be required if the company is unable to continue on the basis of the going concern principle. |
| Reclassification of Comparison Items | N/A |
| Additional Information | - The company's total sales for the year 2022 AD increased by around 37% to reach SR 531.6 MM, compared to SR 388.6 MM for the year 2021 AD. - The company achieved a net profit for the year 2022 of about SR 9 MM, compared to losses around SR (60.1) MM for the year 2021 AD. - Total equity (no minority rights) for the current period reached SR115 MM compared to SR 105.7 MM as the end of 2021 AD. - It is worth to mention that the Sales for the first half of the year 2022 AD reached to SR 133.1 with net loss of SR (17.5) MM, while sales for the second half of the year reached to SR 398.5 MM with net profit of SR 26.4 MM. This shows that the company has stability, continuity of production and delivering of the recently awarded projects, this also improved the production costs. Noting that the company has projects on hand with total value exceeding SR 1 billion. |
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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