Arabian Pipes Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 3.12 11.17 -72.07 -2.5 -
Gross profit (loss) 15.93 21.48 -25.84 7.97 99.87
Operational profit (loss) 9.41 11.72 -19.71 2.6 261.92
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 0.62 0.23 169.57
Gross profit (loss) 23.9 29.01 -17.61
Operational profit (loss) 12.02 5.87 104.77
Earning or loss per share, Riyals 0.02 0.01 -
All figures are in (Millions) Saudi Arabia, Riyals
Reasons of increase (decrease) for quarter compared with same quarter last year The decrease in net profits during the current quarter compared to the similar period of last year is due to lower average sale price as a result of lower selling prices of some contracts as well as higher prices of raw materials as well as delayed delivery of some contracts
Reasons of increase (decrease) for period compared with same period last year The increase in net profits during the period is due to the increase in financing expenses as a result of increase in the lending ratio and due to the operation of the Jubail plant and consequently the decrease in the average operating cost per ton, as well as the decrease in shipping expenses resulting from lower export sales and lower administrative
Reasons of increase (decrease) for quarter compared with previous quarter The reason for this quarter's net profit compared to the previous quarter is the increase in sales and lower operating expenses
Reclassifications in quarterly financial results The Items, elements and notes of the comparatives principles and notes of the comparatives Condensed Financial Statements have been restated and reclassified to meet with the applicable accounting policies for the current period which have been prepared in accordance with the International Financial Reporting Standards (IFRS) that are approved in the Kingdom of Saudi Arabia. in the Interim Financial Statements for the current period
Other notes Net sales during the current quarter reached SAR 121 million compared to SR 105 million for the same quarter of the previous year, an increase of 15%. Net sales during the current period amounted to SR 233 million compared to SR 167 million for the same period last year, an increase of 39% . The comprehensive income for the current quarter amounted to SR 3 million, compared to SR 11 million for the same quarter last year a decrease of 72% and a loss of SR 2.5 million for the previous quarter. Total comprehensive income for the six months ended 30 June 2017 was SAR 0.62 million compared to SAR 0.23 million for the corresponding period of the year with an increase of 170%. Total shareholders' equity (without minority interest) amounted to SR 617 million at the end of June 2017 compared to SR 616 million at the end of December 31, 2016, an increase of 0.16%.

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