Arabian Pipes narrows losses to SAR 7.5 mln in 9M 2022; Q3 profit at SAR 9.9 mln

Arabian Pipes narrows losses to SAR 7.5 mln in 9M 2022; Q3 profit at SAR 9.9 mln

06/11/2022 Argaam Exclusive

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Arabian Pipes Co. (APC) narrowed net loss after Zakat and tax to SAR 7.5 million in the first nine months of 2022, from SAR 28.9 million in the prior-year period. 



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 346.03 305.76 (11.6 %)
Gross Income 17.45 19.75 13.2 %
Operating Income (13.76) (10.99) 20.2 %
Net Income (28.94) (7.52) 74.0 %
Average Shares 10.00 10.00 -
EPS (Riyals) (2.89) (0.75) 74.0 %

The company said the decline in losses came on lower cost of sales margin and selling and distribution expenses.

 

APC reported a net profit after Zakat and tax of SAR 9.9 million in Q3 2022, against a net loss of SAR 16.8 million in the same quarter last year. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 92.61 175.42 89.4 %
Gross Income (1.16) 25.79 2315.5 %
Operating Income (10.51) 18.26 273.7 %
Net Income (16.83) 9.94 159.1 %
Average Shares 10.00 10.00 -
EPS (Riyals) (1.68) 0.99 159.1 %

On a sequential basis, the company turned to profit from a loss of SAR 4.25 million in Q2 2022.

 

Shareholders’ equity, no minority interest, stood at SAR 98.2 million as of Sept. 30, 2022, compared to SAR 177.4 million a year earlier.

 

Meanwhile, accumulated losses reached SAR 0.98 million at the end of the nine-month period, representing 0.98% of capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 99.72 (40.1 %) 8.59 (47.8 %) (17.93) (849.0 %) (1.79)
Q2 2013 110.16 (32.0 %) 11.85 (20.8 %) (5.33) (263.9 %) (0.53)
Q3 2013 86.61 (49.8 %) 14.73 4.2 % (4.95) 29.4 % (0.49)
Q4 2013 86.75 (51.5 %) 18.07 346.1 % 37.87 257.7 % 3.79
Q1 2014 85.65 (14.1 %) 10.29 19.8 % (6.82) 62.0 % (0.68)
Q2 2014 111.35 1.1 % 4.32 (63.6 %) (14.05) (163.8 %) (1.41)
Q3 2014 97.04 12.0 % 8.82 (40.1 %) (11.48) (131.9 %) (1.15)
Q4 2014 91.22 5.2 % (0.45) (102.5 %) (20.27) (153.5 %) (2.03)
Q1 2015 161.06 88.0 % 16.03 55.8 % (6.33) 7.2 % (0.63)
Q2 2015 65.06 (41.6 %) 8.39 94.3 % (8.40) 40.2 % (0.84)
Q3 2015 70.08 (27.8 %) 8.17 (7.4 %) (8.93) 22.2 % (0.89)
Q4 2015 76.77 (15.8 %) 4.61 1120.4 % (22.80) (12.5 %) (2.28)
Q1 2016 61.54 (61.8 %) 7.53 (53.0 %) (10.95) (73.0 %) (1.09)
Q2 2016 105.45 62.1 % 21.48 156.1 % 11.17 233.0 % 1.12
Q3 2016 97.26 38.8 % 16.42 101.0 % 4.44 149.8 % 0.44
Q4 2016 100.69 31.2 % 16.69 261.9 % (0.36) 98.4 % (0.04)
Q1 2017 112.62 83.0 % 7.97 5.8 % (2.50) 77.1 % (0.25)
Q2 2017 120.62 14.4 % 15.93 (25.8 %) 3.12 (72.0 %) 0.31
Q3 2017 137.86 41.7 % 21.35 30.0 % 6.64 49.3 % 0.66
Q4 2017 188.51 87.2 % 7.15 (57.2 %) (1.96) (449.0 %) (0.20)
Q1 2018 121.95 8.3 % 2.81 (64.7 %) (8.85) (253.4 %) (0.88)
Q2 2018 165.72 37.4 % 6.82 (57.2 %) (7.96) (354.7 %) (0.80)
Q3 2018 186.21 35.1 % 2.32 (89.1 %) (16.85) (353.9 %) (1.68)
Q4 2018 224.44 19.1 % (62.21) (969.9 %) (89.05) (4,443.1 %) (8.90)
Q1 2019 180.03 47.6 % 22.39 695.7 % 8.10 191.6 % 0.81
Q2 2019 191.53 15.6 % 25.06 267.7 % 8.09 201.6 % 0.81
Q3 2019 210.35 13.0 % 28.35 1122.1 % 9.19 154.5 % 0.92
Q4 2019 159.18 (29.1 %) 20.67 133.2 % 4.88 105.5 % 0.49
Q1 2020 66.45 (63.1 %) (1.40) (106.3 %) (16.85) (308.0 %) (1.68)
Q2 2020 45.36 (76.3 %) 4.38 (82.5 %) (18.84) (333.0 %) (1.88)
Q3 2020 162.04 (23.0 %) 6.24 (78.0 %) (3.45) (137.6 %) (0.35)
Q4 2020 95.43 (40.0 %) (140.52) (780.0 %) (156.20) (3301.5 %) (15.62)
Q1 2021 129.34 94.6 % 13.71 1076.4 % 0.95 105.6 % 0.10
Q2 2021 124.08 173.5 % 4.91 12.1 % (13.06) 30.7 % (1.31)
Q3 2021 92.61 (42.8 %) (1.16) (118.6 %) (16.83) (387.4 %) (1.68)
Q4 2021 42.67 (55.3 %) (1.22) 99.1 % (33.15) 78.8 % (3.31)
Q1 2022 61.72 (52.3 %) 1.43 (89.5 %) (13.21) (1490.8 %) (1.32)
Q2 2022 70.04 (43.6 %) (6.43) (230.9 %) (4.25) 67.4 % (0.43)
Q3 2022 175.42 89.4 % 25.79 2315.5 % 9.94 159.1 % 0.99

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 6.80 % 4.15 % (7.45 %)
Q2 2013 6.88 % 2.70 % (9.67 %)
Q3 2013 8.25 % 2.77 % (10.98 %)
Q4 2013 13.89 % 4.19 % 2.52 %
Q1 2014 14.88 % 5.66 % 5.63 %
Q2 2014 12.80 % 3.82 % 3.25 %
Q3 2014 10.90 % 1.66 % 1.45 %
Q4 2014 5.96 % (1.17 %) (13.66 %)
Q1 2015 6.23 % (0.71 %) (11.32 %)
Q2 2015 7.91 % 0.57 % (11.22 %)
Q3 2015 8.29 % 1.48 % (11.34 %)
Q4 2015 9.97 % 0.58 % (12.46 %)
Q1 2016 10.49 % (1.51 %) (18.68 %)
Q2 2016 13.32 % 2.94 % (10.04 %)
Q3 2016 14.68 % 6.25 % (5.32 %)
Q4 2016 17.02 % 14.33 % 1.18 %
Q1 2017 15.04 % 14.57 % 3.07 %
Q2 2017 13.22 % 13.68 % 1.09 %
Q3 2017 13.13 % 13.37 % 1.46 %
Q4 2017 9.36 % 9.13 % 0.95 %
Q1 2018 8.30 % 7.71 % (0.18 %)
Q2 2018 6.21 % 5.61 % (1.98 %)
Q3 2018 2.88 % 2.27 % (4.92 %)
Q4 2018 (7.20 %) (7.97 %) (16.32 %)
Q1 2019 (4.06 %) (4.77 %) (12.83 %)
Q2 2019 (1.59 %) (2.65 %) (10.35 %)
Q3 2019 1.69 % 0.55 % (7.19 %)
Q4 2019 13.02 % 12.58 % 4.08 %
Q1 2020 11.58 % 10.85 % 0.84 %
Q2 2020 10.80 % 9.66 % (4.49 %)
Q3 2020 6.90 % 5.58 % (7.91 %)
Q4 2020 (35.55 %) (39.15 %) (52.90 %)
Q1 2021 (26.88 %) (29.58 %) (41.08 %)
Q2 2021 (22.64 %) (25.26 %) (33.62 %)
Q3 2021 (27.88 %) (30.99 %) (41.94 %)
Q4 2021 4.18 % (5.35 %) (15.97 %)
Q1 2022 1.23 % (11.89 %) (23.75 %)
Q2 2022 (2.76 %) (15.25 %) (28.50 %)
Q3 2022 5.60 % (3.13 %) (14.10 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 10.00 (4.57) (4.57) 68.33
Q2 2013 10.00 (5.43) (5.43) 67.80
Q3 2013 10.00 (5.22) (5.22) 67.30
Q4 2013 10.00 0.97 0.97 71.09
Q1 2014 10.00 2.08 2.08 70.41
Q2 2014 10.00 1.21 1.21 69.00
Q3 2014 10.00 0.55 0.55 67.88
Q4 2014 10.00 (5.26) (5.26) 65.86
Q1 2015 10.00 (5.21) (5.21) 65.22
Q2 2015 10.00 (4.65) (4.65) 64.38
Q3 2015 10.00 (4.39) (4.39) 63.49
Q4 2015 10.00 (4.65) (4.65) 61.21
Q1 2016 10.00 (5.11) (5.11) 60.12
Q2 2016 10.00 (3.15) (3.15) 61.23
Q3 2016 10.00 (1.81) (1.81) 61.68
Q4 2016 10.00 0.43 0.43 61.64
Q1 2017 10.00 1.28 1.28 61.39
Q2 2017 10.00 0.47 0.47 61.70
Q3 2017 10.00 0.69 0.69 62.37
Q4 2017 10.00 0.53 0.53 62.17
Q1 2018 10.00 (0.10) (0.10) 61.29
Q2 2018 10.00 (1.21) (1.21) 60.49
Q3 2018 10.00 (3.56) (3.26) 58.81
Q4 2018 10.00 (12.27) (11.40) 49.89
Q1 2019 10.00 (10.58) (9.70) 50.70
Q2 2019 10.00 (8.97) (8.10) 51.51
Q3 2019 10.00 (6.37) (5.80) 52.43
Q4 2019 10.00 3.03 3.03 40.30
Q1 2020 10.00 0.53 0.53 50.95
Q2 2020 10.00 (2.16) (2.16) 49.23
Q3 2020 10.00 (3.43) (3.43) 48.88
Q4 2020 10.00 (19.53) (19.53) 16.62
Q1 2021 10.00 (17.75) (17.75) 20.73
Q2 2021 10.00 (17.18) (17.18) 19.42
Q3 2021 10.00 (18.51) (18.51) 17.74
Q4 2021 10.00 (6.21) (6.21) 10.57
Q1 2022 10.00 (7.62) (7.62) 9.25
Q2 2022 10.00 (6.74) (7.61) 8.82
Q3 2022 10.00 (4.07) (4.93) 9.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 1.51
Q2 2013 NEG NEG 1.22
Q3 2013 NEG NEG 1.24
Q4 2013 More than 100 More than 100 1.36
Q1 2014 47.72 47.72 1.41
Q2 2014 86.92 86.92 1.52
Q3 2014 More than 100 More than 100 1.94
Q4 2014 NEG NEG 1.17
Q1 2015 NEG NEG 1.21
Q2 2015 NEG NEG 1.29
Q3 2015 NEG NEG 0.88
Q4 2015 NEG NEG 0.88
Q1 2016 NEG NEG 0.66
Q2 2016 NEG NEG 0.88
Q3 2016 NEG NEG 0.84
Q4 2016 More than 100 More than 100 1.15
Q1 2017 52.83 52.83 1.10
Q2 2017 More than 100 More than 100 0.86
Q3 2017 76.08 76.08 0.84
Q4 2017 92.16 92.16 0.79
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 0.82
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.75
Q1 2019 NEG NEG 0.78
Q2 2019 NEG NEG 0.78
Q3 2019 NEG NEG 0.94
Q4 2019 16.86 16.86 1.27
Q1 2020 80.10 80.10 0.83
Q2 2020 NEG NEG 0.99
Q3 2020 NEG NEG 1.47
Q4 2020 NEG NEG 4.31
Q1 2021 NEG NEG 4.32
Q2 2021 NEG NEG 4.12
Q3 2021 NEG NEG 4.34
Q4 2021 NEG NEG 6.23
Q1 2022 NEG NEG 6.10
Q2 2022 NEG NEG 4.08
Q3 2022 NEG NEG 3.45


Financial Ratios
Current
Market Cap (M Riyal) 1,996.00
Enterprise Value (EV) (M) 2,363.29
Shares Outstanding ((M)) 10.00
EPS ( Riyal) (TTM) 17.36
Book Value (BV) ( Riyal) 28.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.50
P/E (TTM) 11.50
Price/book 6.93
Return on Average Assets (%) (TTM) 20.7
Return on Average Equity (%) (TTM) 86.6
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Share Price

Arabian Pipes Co.
199.60
(3.40) (1.67 %)

Arabian Pipes Co. (APC)

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