East Pipes net profit rises to SAR 15.5 mln in H1 2022/23, Q2 at SAR 9.2 mln

East Pipes net profit rises to SAR 15.5 mln in H1 2022/23, Q2 at SAR 9.2 mln

27/10/2022 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 15.5 million in the first half ended Sept. 30, 2022, from SAR 1.3 million in the year-earlier period.

 

The profit growth was attributed to higher pipe sales volumes and average sales prices, which resulted in a 47% sequential rise in revenues.

 

The company also cited a decline in expected credit loss allowance, as a result of larger collections for outstanding amounts from customers.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 270.50 509.11 88.2 %
Gross Income 20.41 32.33 58.5 %
Operating Income 14.79 25.21 70.4 %
Net Income 1.27 15.46 1113.3 %
Average Shares 31.50 31.50 -
EPS (Riyals) 0.04 0.49 1113.3 %

The company turned to a profit of SAR 9.2 million in Q2 2022/2023, against a loss of SAR 0.87 million a year earlier, driven by higher realized average sales prices and lower selling and marketing expenses.

 

Sequentially, profit rose 48% from SAR 6.23 million in Q1 2022/23.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 121.36 303.08 149.7 %
Gross Income 9.04 13.79 52.5 %
Operating Income 5.53 13.29 140.2 %
Net Income (0.87) 9.22 1155.5 %
Average Shares 31.50 31.50 -
EPS (Riyals) (0.03) 0.29 1155.5 %

Shareholders’ equity, after minority interest, increased to SAR 530.871 million as of Sept. 30, 2022, from SAR 518.973 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
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 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 -
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
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 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
Q1 2022 6.23 190.2 % 0.20 - 6.23 0.20
Q2 2022 9.22 1155.5 % 0.29 - 9.22 0.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 4.64 % 6.55 % (0.54 %)
Q1 2022 5.34 % 5.83 % 0.13 %
Q2 2022 4.75 % 5.86 % 1.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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

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


Financial Ratios
Current
Market Cap (M Riyal) 4,441.50
Enterprise Value (EV) (M) 4,374.21
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) 9.88
P/E (TTM) 9.88
Price/book 4.51
Return on Average Assets (%) (TTM) 33.4
Return on Average Equity (%) (TTM) 57.2
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Share Price

East Pipes Integrated Company for Industry
141.00
0.00 0.00 %

East Pipes Integrated Company for Industry (EAST PIPES)

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