Saudi Vitrified Clay Pipes Co. (SVCP) slid into a deeper loss of SAR 59 million in 2023, from SAR 8.8 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 76.35 | 75.68 | (0.9 %) |
| Gross Income | 4.42 | 7.34 | 66.2 % |
| Operating Income | (19.62) | (13.31) | 32.2 % |
| Net Income | (8.76) | (58.99) | (573.2 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.58) | (3.93) | (573.2 %) |
The company attributed the increase in losses to lower revenues on weak demand for its products and a decline in other income.
The firm also booked a provision worth SAR 46.4 million for impairment in the value of personal protective equipment.
In Q4 2023, SVCP posted a net loss of SAR 52 million, against a profit of SAR 1.44 million a year earlier.
Meanwhile, the company widened Q4 2023 loss from SAR 3.64 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 24.96 | 14.57 | (41.6 %) |
| Gross Income | 0.47 | 0.41 | (11.4 %) |
| Operating Income | (6.36) | (3.28) | 48.4 % |
| Net Income | 1.44 | (52.00) | (3708.3 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.10 | (3.47) | (3708.3 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 21.73 | 14.57 | (32.9 %) |
| Gross Income | 2.34 | 0.41 | (82.4 %) |
| Operating Income | (3.26) | (3.28) | (0.6 %) |
| Net Income | (3.64) | (52.00) | (1,328.1 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.24) | (3.47) | (1,328.1 %) |
Shareholders’ equity, no minority interest, came in at SAR 210.2 million as of Dec. 31, 2023, down from SAR 268.7 million a year earlier.
Accumulated losses reached SAR 14.81 million at the end of Q4 2023, representing 9.9% of the company's capital.
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