East Pipes’ net profit jumps 40% to SAR 88M in 9M 2023/24; Q3 at SAR 85.7M
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East Pipes Integrated Co. reported a net profit of SAR 88 million in the nine months ended Dec. 31, 2023, 40% growth compared to SAR 63 million a year ago.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 996.35 | 821.42 | (17.6 %) |
| Gross Income | 100.77 | 137.74 | 36.7 % |
| Operating Income | 86.67 | 119.72 | 38.1 % |
| Net Income | 62.98 | 87.95 | 39.6 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 2.00 | 2.79 | 39.6 % |
This profit increase was propelled by the higher average selling price per metric ton despite lower revenue falling to SAR 821 million during the period compared to SAR 996 million a year earlier.
Q3 2023/2024 profit surged over 80% year-on-year (YoY) to SAR 85.7 million due to higher average selling price per ton and increased sales volumes.
On a sequential basis, net earnings increased by more than four-fold from SAR 20.79 million in Q2 2023/2024.
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 487.25 | 552.30 | 13.4 % |
| Gross Income | 68.43 | 110.95 | 62.1 % |
| Operating Income | 61.47 | 103.76 | 68.8 % |
| Net Income | 47.52 | 85.72 | 80.4 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 1.51 | 2.72 | 80.4 % |
Shareholders’ equity, no minority interest, stood at SAR 672.72 million by Dec. 31, 2023, compared to SAR 578.53 million in the prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 10.30 % | 10.62 % | 5.91 % |
| Q2 2023 | 12.54 % | 12.51 % | 7.23 % |
| Q3 2023 | 15.25 % | 15.28 % | 9.88 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 21.38 | 21.38 | 2.69 |
| Q2 2023 | 22.67 | 22.67 | 3.35 |
| Q3 2023 | 16.52 | 16.52 | 3.07 |
Business Segments (Million)
Q3 2023
| Period | Sale of goods | Rendering of services |
|---|---|---|
| Q1 2023 | 29.46 | 9.39 |
| Q2 2023 | 221.69 | 8.58 |
| Q3 2023 | 546.55 | 5.75 |
| 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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