AnnouncementDetails

Actions

East Pipes Integrated Company for Industry announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 206,026,171149,135,46038.15193,717,4296.35
Gross Profit (Loss) 18,891,40511,361,11366.2821,628,626-12.65
Operational Profit (Loss) 11,866,0018,911,12433.1614,960,971-20.69
Net Profit (Loss) after Zakat and Tax 6,232,8102,147,886190.1814,320,643-56.48
Total Comprehensive Income 6,436,1722,147,886199.6514,763,073-56.4
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 521,426,300514,990,1281.25
Profit (Loss) per Share 0.30.1
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 6.2 million in 1Q-FY23, compared to a net profit of SAR 2.1 million in 1Q-FY22, due to the following reasons:

1. Increase in sales volume and average sales prices, which resulted in a 38% rise in revenue.

2. Decline in average cost per ton of main raw materials by 14%, which contributed to the substantial rise in gross profit of 66%.

3. Income tax expenses recorded a decline of 83%

Nevertheless, Zakat expenses increased 24%.

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 company’s net profit decreased to SAR 6.2 million in 1Q-FY23, compared to a net profit of SAR 14.3 million in 4Q-FY22, due to the following reasons:

1. Decline in sales volumes of pipes by 30%.

2. Rise in average cost per ton of raw materials by 45%.

3. Increase in Expected Credit Loss provisions (trade receivables) by 73%.

4. Finance charges increased 64%.

5. Zakat and income tax expenses surged 485%.

Nevertheless

1. Average sales prices increased during the period, leading to a 6% growth in revenue.

2. General and administrative expenses decreased 23% and selling and marketing expenses decreased 40%.

3. Income tax expenses declined 120% during the period.

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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
41.75 0.6 (+1.46%)
Value Traded (SAR) Volume Traded
22,107.2 529