East Pipes profit up at SAR 267.5M in FY 2023/24; Q4 at SAR 179.6M

26/05/2024 Argaam Exclusive

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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)

Compared With The

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 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	552.30	721.75	30.7 %
Gross Income	110.95	212.82	91.8 %
Operating Income	103.76	204.29	96.9 %
Net Income	85.72	179.56	109.5 %
Average Shares	31.50	31.50	-
EPS (Riyals)	2.72	5.70	109.5 %

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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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	271.92	-	(42.60)	-	(61.25)	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	707.19	160.1 %	(18.77)	55.9 %	(45.07)	26.4 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	1,668.86	136.0 %	336.35	1892.2 %	312.06	792.3 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	935.51	(43.9 %)	230.20	(31.6 %)	207.68	(33.4 %)
Q1 2021	149.14	-	11.36	-	9.26	-
Q2 2021	121.36	-	9.04	-	5.53	-
Q3 2021	133.25	-	(7.53)	-	(14.50)	-
Q4 2021	193.72	-	14.87	-	14.70	-
2021	597.47	(36.1 %)	27.75	(87.9 %)	15.00	(92.8 %)
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 %
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	271.92	-	(42.60)	-	(61.25)	-
2018	707.19	160.1 %	(18.77)	55.9 %	(45.07)	26.4 %
2019	1,668.86	136.0 %	336.35	1892.2 %	312.06	792.3 %
2020	935.51	(43.9 %)	230.20	(31.6 %)	207.68	(33.4 %)
2021	597.47	(36.1 %)	27.75	(87.9 %)	15.00	(92.8 %)
2022	1,438.65	140.8 %	155.80	461.5 %	133.04	786.9 %
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 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	(75.79)	-	(2.41)	-	(75.79)	(2.41)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	(69.30)	8.6 %	(2.20)	-	(69.30)	(2.20)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	236.93	441.9 %	7.52	-	236.93	7.52
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	148.27	(37.4 %)	4.71	-	148.27	4.71
Q1 2021	2.15	-	0.07	-	2.15	0.07
Q2 2021	(0.87)	-	(0.03)	-	(0.87)	(0.03)
Q3 2021	(18.84)	-	(0.60)	-	(18.84)	(0.60)
Q4 2021	14.32	-	0.45	-	14.32	0.45
2021	(3.25)	(102.2 %)	(0.10)	-	(3.25)	(0.10)
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
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	(75.79)	-	(2.41)	-	(75.79)	(2.41)
2018	(69.30)	8.6 %	(2.20)	-	(69.30)	(2.20)
2019	236.93	441.9 %	7.52	-	236.93	7.52
2020	148.27	(37.4 %)	4.71	-	148.27	4.71
2021	(3.25)	(102.2 %)	(0.10)	-	(3.25)	(0.10)
2022	99.92	3179.2 %	3.17	-	99.92	3.17
2023	267.51	167.7 %	8.49	-	267.51	8.49

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	(15.66 %)	(12.93 %)	(27.87 %)
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	(2.65 %)	(2.67 %)	(9.80 %)
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	20.15 %	20.72 %	14.20 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	24.61 %	26.33 %	15.85 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	4.64 %	6.55 %	(0.54 %)
2021	4.64 %	6.55 %	(0.54 %)
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	(15.66 %)	(12.93 %)	(27.87 %)
2018	(2.65 %)	(2.67 %)	(9.80 %)
2019	20.15 %	20.72 %	14.20 %
2020	24.61 %	26.33 %	15.85 %
2021	4.64 %	6.55 %	(0.54 %)
2022	10.83 %	11.01 %	6.95 %
2023	22.72 %	22.72 %	17.33 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	7.62 %	13.05 %	1.44 %
Q2 2021	7.45 %	6.57 %	(0.72 %)
Q3 2021	(5.65 %)	(6.08 %)	(14.14 %)
Q4 2021	7.68 %	10.23 %	7.39 %
Q1 2022	9.00 %	8.96 %	3.03 %
Q2 2022	4.55 %	6.20 %	3.04 %
Q3 2022	14.04 %	13.90 %	9.75 %
Q4 2022	12.44 %	12.10 %	8.35 %
Q1 2023	(16.27 %)	(12.85 %)	(47.78 %)
Q2 2023	14.38 %	14.64 %	9.03 %
Q3 2023	20.09 %	20.07 %	15.52 %
Q4 2023	29.49 %	29.24 %	24.88 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	31.50	-	-	16.50
Q2 2021	31.50	-	-	16.48
Q3 2021	31.50	-	-	15.88
Q4 2021	31.50	(0.10)	(0.10)	16.35
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	31.50	(2.41)	(2.41)	3.54
2018	31.50	(2.20)	(2.20)	1.30
2019	31.50	7.52	7.52	8.78
2020	31.50	4.71	4.71	16.43
2021	31.50	(0.10)	(0.10)	16.35
2022	31.50	3.17	3.17	19.54
2023	31.50	8.49	8.49	27.04

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
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
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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	11.76	11.76	1.91
2023	9.60	9.60	3.01

Business Segments (Million)

Compared With The

Period	Sale of goods	Rendering of services
Q1 2021	130.98	18.16
Q2 2021	113.66	7.70
Q3 2021	123.83	9.42
Q4 2021	176.81	16.90
Q1 2022	181.79	24.23
Q2 2022	298.44	4.64
Q3 2022	440.53	46.72
Q4 2022	382.51	59.78
Q1 2023	29.46	9.39
Q2 2023	221.69	8.58
Q3 2023	546.55	5.75
Q4 2023	649.66	72.10

Period	Sale of goods	Rendering of services
2019	1,668.84	-
2020	888.59	46.92
2021	545.28	52.18
2022	1,284.50	154.14
2023	1,447.35	95.82

Financial Ratios

	Current
Market Cap (M Riyal)	4,473.00
Enterprise Value (EV) (M)	4,405.71
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)	9.95
P/E (TTM)	9.95
Price/book	4.54
Return on Average Assets (%) (TTM)	33.4
Return on Average Equity (%) (TTM)	57.2

East Pipes Integrated Company for Industry (EAST PIPES)

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East Pipes profit up at SAR 267.5M in FY 2023/24; Q4 at SAR 179.6M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

East Pipes Integrated Company for Industry (EAST PIPES)

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East Pipes profit up at SAR 267.5M in FY 2023/24; Q4 at SAR 179.6M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

East Pipes Integrated Company for Industry (EAST PIPES)

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Business Segments (Million)