East Pipes turns to net profit of SAR 63 mln in 9M 2022/23; Q3 at SAR 47.5 mln
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East Pipes Integrated Co. reported a net profit after Zakat and tax of SAR 63 million in the nine-month period ended Dec. 31, 2022, against a loss of SAR 17.6 million a year earlier.
The profit was attributed to increased sales volumes and average realized sales prices, which pushed revenue and gross profit higher. The company also cited a decrease in provision of customers’ receivables.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 403.75 | 996.35 | 146.8 % |
| Gross Income | 12.87 | 100.77 | 682.9 % |
| Operating Income | 0.30 | 86.67 | 29082.5 % |
| Net Income | (17.57) | 62.98 | 458.5 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.56) | 2.00 | 458.5 % |
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, Q3 2022 net profit soared from SAR 9.23 million.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 133.25 | 487.25 | 265.7 % |
| Gross Income | (7.53) | 68.43 | 1008.3 % |
| Operating Income | (14.50) | 61.47 | 524.0 % |
| Net Income | (18.84) | 47.52 | 352.3 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.60) | 1.51 | 352.3 % |
Shareholders’ equity, with no minority interest, increased to SAR 578.53 million as of Dec. 31, 2022, from SAR 50022 million a year earlier.
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 % |
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 |
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 % |
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 |
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 |
Business Segments (Million)
Q3 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 |
| 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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