East Pipes H1 2023/24 net profit slumps 86% to SAR 2.2 mln, Q2 surges to SAR 20.8 mln

31/10/2023 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit of SAR 2.2 million for the six months ended Sept. 30, 2023, a decline of 86% from SAR 15.5 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	509.11	269.11	(47.1 %)
Gross Income	32.33	26.85	(17.0 %)
Operating Income	25.21	15.96	(36.7 %)
Net Income	15.46	2.23	(85.6 %)
Average Shares	31.50	31.50	-
EPS (Riyals)	0.49	0.07	(85.6 %)

This was driven by decreased sales volume in line with the delivery schedules of projects in the current period along with lower average selling price per ton. The company also cited higher variable costs related to the nature of contracts being implemented in the current period. Financing costs also increased, in line with higher SAIBOR.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	303.08	230.27	(24.0 %)
Gross Income	13.79	33.11	140.0 %
Operating Income	13.29	27.37	106.0 %
Net Income	9.22	20.79	125.4 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.29	0.66	125.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	38.85	230.27	492.8 %
Gross Income	(6.32)	33.11	623.8 %
Operating Income	(11.42)	27.37	339.8 %
Net Income	(18.56)	20.79	212.0 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.59)	0.66	212.0 %

Q2 2023/24 net profit reached SAR 20.8 million, a more than two-fold increase from SAR 9.23 million a year earlier.

This was propelled by higher average selling prices per ton and lower average cost per ton of main raw materials.

On a sequential basis, the company turned to profitability from a net loss of SAR 18.56 million in Q1 2023/24.

Total shareholders’ equity, no minority interest, reached SAR 586.53 million by Sept. 30, 2023, compared to SAR 530.87 million in a year earlier period.

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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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %

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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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

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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %

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 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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

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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	11.76	11.76	1.91

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

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

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

East Pipes Integrated Company for Industry (EAST PIPES)

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East Pipes H1 2023/24 net profit slumps 86% to SAR 2.2 mln, Q2 surges to SAR 20.8 mln

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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 Q2

Financial Ratios

Share Price

East Pipes Integrated Company for Industry (EAST PIPES)

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East Pipes H1 2023/24 net profit slumps 86% to SAR 2.2 mln, Q2 surges to SAR 20.8 mln

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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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

East Pipes Integrated Company for Industry (EAST PIPES)

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Business Segments (Million)