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East Pipes profit up at SAR 267.5M in FY 2023/24; Q4 at SAR 179.6M
26/05/2024
Argaam Exclusive
East Pipes Integrated Co. reported a net profit of SAR 267.5 million for the fiscal year ended March 31, 2024, an increase from SAR 99.9 million in the prior-year period.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,438.65 | 1,543.17 | 7.3 % |
| Gross Income | 155.80 | 350.56 | 125.0 % |
| Operating Income | 133.04 | 324.01 | 143.6 % |
| Net Income | 99.92 | 267.51 | 167.7 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 3.17 | 8.49 | 167.7 % |
The profit rise was attributed to higher revenues, driven primarily by an increase in the average selling price per ton and a decrease in production costs per ton.
Meanwhile, the net profit soared to SAR 179.6 million in Q4 2023/24, compared to SAR 39.94 million in the same period a year earlier.
Sequentially, net profit jumped 109.5% from SAR 85.72 million in Q3 2023/24.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 442.29 | 721.75 | 63.2 % |
| Gross Income | 55.03 | 212.82 | 286.7 % |
| Operating Income | 46.37 | 204.29 | 340.6 % |
| Net Income | 36.94 | 179.56 | 386.1 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 1.17 | 5.70 | 386.1 % |
Shareholders’ equity, no minority interest, rose to SAR 851.91 million as of March 31, 2024, from SAR 615.44 million a year earlier.
Attached Document:
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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 2023 | 38.85 | (81.1 %) | (6.32) | (134.1 %) | (11.42) | (195.8 %) |
| Q2 2023 | 230.27 | (24.0 %) | 33.11 | 140.0 % | 27.37 | 106.0 % |
| Q3 2023 | 552.30 | 13.4 % | 110.95 | 62.1 % | 103.76 | 68.8 % |
| Q4 2023 | 721.75 | 63.2 % | 212.82 | 286.7 % | 204.29 | 340.6 % |
| 2023 | 1,543.17 | 7.3 % | 350.56 | 125.0 % | 324.01 | 143.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | (18.56) | (397.8 %) | (0.59) | - | (18.56) | (0.59) |
| Q2 2023 | 20.79 | 125.4 % | 0.66 | - | 20.79 | 0.66 |
| Q3 2023 | 85.72 | 80.4 % | 2.72 | - | 85.72 | 2.72 |
| Q4 2023 | 179.56 | 386.1 % | 5.70 | - | 179.56 | 5.70 |
| 2023 | 267.51 | 167.7 % | 8.49 | - | 267.51 | 8.49 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 10.30 % | 10.62 % | 5.91 % |
| Q2 2023 | 12.54 % | 12.51 % | 7.23 % |
| Q3 2023 | 15.25 % | 15.28 % | 9.88 % |
| Q4 2023 | 22.72 % | 22.72 % | 17.33 % |
| 2023 | 22.72 % | 22.72 % | 17.33 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 31.50 | 2.38 | 2.38 | 18.96 |
| Q2 2023 | 31.50 | 2.75 | 2.75 | 18.62 |
| Q3 2023 | 31.50 | 3.96 | 3.96 | 21.36 |
| Q4 2023 | 31.50 | 8.49 | 8.49 | 27.04 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 21.38 | 21.38 | 2.69 |
| Q2 2023 | 22.67 | 22.67 | 3.35 |
| Q3 2023 | 16.52 | 16.52 | 3.07 |
| Q4 2023 | 9.60 | 9.60 | 3.01 |
Business Segments (Million)
Q4 2023
| Period | Sale of goods | Rendering of services |
|---|---|---|
| Q1 2023 | 29.46 | 9.39 |
| Q2 2023 | 221.69 | 8.58 |
| Q3 2023 | 546.55 | 5.75 |
| Q4 2023 | 649.66 | 72.10 |
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