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East Pipes Integrated Company for Industry announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 303,078,780121,362,894149.73206,026,17147.11
Gross Profit (Loss) 14,941,0969,044,39165.218,891,405-20.91
Operational Profit (Loss) 13,687,1555,329,060156.8411,866,00115.35
Net Profit (Loss) after Zakat and Tax 9,224,842-874,015-6,232,81048
Total Comprehensive Income 9,444,539-792,087-6,436,17246.74
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 509,104,951270,498,35488.21
Gross Profit (Loss) 33,832,50120,405,50465.8
Operational Profit (Loss) 25,553,15614,240,18479.44
Net Profit (Loss) after Zakat and Tax 15,457,6521,273,8711,113.44
Total Comprehensive Income 15,880,7111,355,7991,071.32
Total Share Holders Equity (after Deducting Minority Equity) 530,870,839518,972,8692.29
Profit (Loss) per Share 0.490.04
All figures are in (Actual) 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 company’s net profit increased to SAR 9.2 million for Q2-FY23, compared to a net loss of SAR 0.87 million in Q2-FY22, due to the following reasons:

1. Increased sales volumes and higher realized average sales prices, which resulted in an increase in revenues by 150% year-on-year (“YoY”), and which contributed to an increase in gross profit by 65%

2. Decrease in selling and marketing expenses due to a change in the product mix

3. Increase in reversal of expected credit loss allowance due to the larger collections of due receivables from customers, which amounted to SAR 3.4 million

4. Financing costs decreased due to the early settlement of a portion of outstanding facilities and a decline in bank margin rates

5. Tax expense declined despite the increase in Zakat expense

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’s net profit increased to SAR 9.2 million from SAR 6.2 million in Q1-FY23, due to the following reasons:

1. Pipe sales volumes and average sales prices increased, which resulted in a 47% sequential rise in revenues

2. Decrease in expected credit loss allowance as a result of larger collections for outstanding amounts from customers.

3. Income tax expense declined due to partial refund of tax expenses related to previous years

Nevertheless

1. Financing costs increased, in line with the current upward trend in SAIBOR and increase in sales volumes

2. Increase in Zakat expense during the period

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’s net profit increased to SAR 15.5 million in H1-FY23 from SAR 1.3 million for the same period of FY22, due to the following reasons:

1. Increase in sales volumes, which led to an 88% increase in revenues, and also contributed to a 66% increase in gross profit

2. Decline in selling and marketing expenses due to a change in sales mix

3. Decrease in financing costs as a result of early settlement of a portion of outstanding facilities, a decline in bank margin rates and the elimination of corporate guarantee fees, despite the current rising trend in SAIBOR

Nevertheless

1. The average cost per ton of the Company’s main raw materials increased

2. General and administrative expenses increased mainly due to higher utility expenses and staff restructuring costs

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items 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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