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Arabian Pipes Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 63.1129.3-51.19848.929.038
Gross Profit (Loss) 2.713.7-80.2911.1145.454
Operational Profit (Loss) -11.35.2--27.7-59.205
Net Profit (Loss) after Zakat and Tax -13.21--31.2-57.692
Total Comprehensive Income -13.21--31.6-58.227
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 92.5207.3-55.378
Profit (Loss) per Share -0.330.024
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-84.510084.5
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 recording a net loss amounted by SR (13.2) MM for the first quarter of 2022 compared to a net profit of SR1 MM for the same quarter of 2021 is due to:

Decrease in company’s sales for the current quarter of 2022 by around 51% to reach SR 63.1 MM compared to SR 19.3 MM for the same period in 2021. The reasons for this are:

1- The company did not start the production of the new awarded projects..

2- Completing existing projects and deliver it to the clients

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The net losses for the current quarter is SR (13.2) MM compared to a losses of SR (31.2) MM for the previous quarter. The reason for the reduction in the losses in this quarter is due to the increase in sales compared to the previous quarter, where the sales of the current quarter reached around SR 63.1 MM compared to SR 23.3 MM in previous quart.
Statement of the type of external auditor's report Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion BASIS FOR QUALIFIED CONCLUSION

The Company incurred a net loss of 13.2 million during the period ended March 31, 2022 and its accumulated losses represents 84.50% of the Company’s share capital as of that date and the Company’s current liabilities exceeded its total asset by 228.2 million. The Company is unable to obtain financing through issue of right shares as the shareholders have disapproved the Board’s recommendation to increase the Share Capital. This situation indicates that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern and accordingly, the going concern assumption is not appropriate.

QUALIFIED CONCLUSION

Based on our review, with the exception of the matter described in the above paragraph, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34 that is endorsed in the Kingdom of Saudi Arabia

Reclassification of Comparison Items Certain figures for the comparative period have been reclassified to conform to the presentation for the current period
Additional Information - Sales decrease in the first 2022 by 51% compared to the same period in 2021 to reach SR 63.1 MM , compared to SR 129.3 MM and the net losses for the first quarter of 2022 SR (13.2) MM compared to profit around to SR 1 MM ion for the same period in 2021.

- Accumulated losses as on March 30, 2022 amounted to by SR (84.5) MM compared to about SR (411.2) MM at the end of year 2021.On 20-2-2022 the EGA approved to decrease of the Company’s capital to reach SR 100 MM instead of SR 400 MM to reduce SR 300 MM of the accumulated losses. Also, on the same day, board of directors transferred SR 39.9 MM from the reserves to reduce the accumulated losses. On 19-04-2022 , the board of directors transferred SR 77.9 MM to from the reserves to reduce the accumulated losses., As of today, the losses is SR (6.7) MM which represent 6.7% of the capital.

- Total equity (there are no minority rights) during the current period reached to SR 92.5 MM compared to SR 105.7 MM as at the end of 2021.

- At the end of 2021 –beginning of 2022, the company got awarded several projects with value of around SR 700 MM. These projects needs an arrangement of raw materials with suppliers (manufacturing – processing and preparation– shipping), due to that, the impact of these projects did not appear in this quarter. However, the company started to receive the ,materials for these projects and the production started in Q2 in this year this well improve company's financial position.

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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