East Pipes Integrated Co. reported a net profit of SAR 99.9 million for the fiscal year (FY) ended March 31, 2023, against a loss of SAR 3.2 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 597.47 | 1,438.65 | 140.8 % |
| Gross Income | 27.75 | 155.80 | 461.5 % |
| Operating Income | 15.00 | 133.04 | 786.9 % |
| Net Income | (3.25) | 99.92 | 3179.2 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.10) | 3.17 | 3179.2 % |
The positive results were driven by a 141% year-on-year (YoY) surge in revenue to SAR 1.4 billion, as pipe and coating sales volumes increased by 80% and 142% YoY, respectively.
Gross profit skyrocketed 462% YoY to SAR 156 million, on higher sales volumes and a strong recovery in demand.
The pipe maker also turned to a net profit of SAR 47.5 million in Q3 2022, against a net loss of SAR 18.84 million a year before on higher sales volume.
Compared to the previous quarter, Q4 net profit dropped by 22.3% from SAR 47.52 million.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 193.72 | 442.29 | 128.3 % |
| Gross Income | 14.87 | 52.42 | 252.4 % |
| Operating Income | 14.70 | 46.37 | 215.4 % |
| Net Income | 14.32 | 36.94 | 157.9 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.45 | 1.17 | 157.9 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 487.25 | 442.29 | (9.2 %) |
| Gross Income | 68.43 | 52.42 | (23.4 %) |
| Operating Income | 61.47 | 46.37 | (24.6 %) |
| Net Income | 47.52 | 36.94 | (22.3 %) |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 1.51 | 1.17 | (22.3 %) |
Shareholders’ equity, no minority interest, increased to SAR 615.44 million by the end of the 12-month period, from SAR 514.99 million a year earlier.
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