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East Pipes swings to SAR 99.9 mln profit in FY 2022/23; Q4 at SAR 36.9 mln
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.
Financials (M)
| 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.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 193.72 | 442.29 | 128.3 % |
| Gross Income | 14.87 | 55.03 | 270.0 % |
| 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 % |
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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Share Price
East Pipes Integrated Company for Industry (EAST PIPES)
| Current | |
| Market Cap (M Riyal) | 4,416.30 |
| Enterprise Value (EV) (M) | 4,349.01 |
| Shares Outstanding ((M)) | 31.50 |
| EPS ( Riyal) (TTM) | 14.27 |
| Book Value (BV) ( Riyal) | 31.27 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 9.83 |
| P/E (TTM) | 9.83 |
| Price/book | 4.48 |
| Return on Average Assets (%) (TTM) | 33.4 |
| Return on Average Equity (%) (TTM) | 57.2 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 206.03 | 38.1 % | 18.54 | 63.2 % | 11.92 | 28.7 % |
| Q2 2022 | 303.08 | 149.7 % | 13.79 | 52.5 % | 13.29 | 140.2 % |
| Q3 2022 | 487.25 | 265.7 % | 68.43 | 1008.3 % | 61.47 | 524.0 % |
| Q4 2022 | 442.29 | 128.3 % | 55.03 | 270.0 % | 46.37 | 215.4 % |
| 2022 | 1,438.65 | 140.8 % | 155.80 | 461.5 % | 133.04 | 786.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 6.23 | 190.2 % | 0.20 | - | 6.23 | 0.20 |
| Q2 2022 | 9.22 | 1155.5 % | 0.29 | - | 9.22 | 0.29 |
| Q3 2022 | 47.52 | 352.3 % | 1.51 | - | 47.52 | 1.51 |
| Q4 2022 | 36.94 | 157.9 % | 1.17 | - | 36.94 | 1.17 |
| 2022 | 99.92 | 3179.2 % | 3.17 | - | 99.92 | 3.17 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 5.34 % | 5.83 % | 0.13 % |
| Q2 2022 | 4.75 % | 5.86 % | 1.31 % |
| Q3 2022 | 9.72 % | 10.48 % | 6.50 % |
| Q4 2022 | 10.83 % | 11.01 % | 6.95 % |
| 2022 | 10.83 % | 11.01 % | 6.95 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 31.50 | 0.03 | 0.03 | 16.55 |
| Q2 2022 | 31.50 | 0.35 | 0.35 | 16.85 |
| Q3 2022 | 31.50 | 2.45 | 2.45 | 18.37 |
| Q4 2022 | 31.50 | 3.17 | 3.17 | 19.54 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | More than 100 | More than 100 | 3.14 |
| Q2 2022 | More than 100 | More than 100 | 2.52 |
| Q3 2022 | 18.63 | 18.63 | 2.49 |
| Q4 2022 | 11.76 | 11.76 | 1.91 |
Business Segments (Million)
Q4 2022
| Period | Sale of goods | Rendering of services |
|---|---|---|
| Q1 2022 | 181.79 | 24.23 |
| Q2 2022 | 298.44 | 4.64 |
| Q3 2022 | 440.53 | 46.72 |
| Q4 2022 | 382.51 | 59.78 |
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