East Pipes turns to profit of SAR 71.2M in Q1 2024/25

31/07/2024 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit of SAR 71.2 million for the first quarter ended June 30, 2024, against a net loss of SAR 18.6 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	38.85	364.42	838.1 %
Gross Income	(6.32)	86.42	1467.1 %
Operating Income	(11.42)	86.79	860.2 %
Net Income	(18.56)	71.24	483.8 %
Average Shares	31.50	31.50	-
EPS (Riyals)	(0.59)	2.26	483.8 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	721.75	364.42	(49.5 %)
Gross Income	212.82	86.42	(59.4 %)
Operating Income	204.29	86.79	(57.5 %)
Net Income	179.56	71.24	(60.3 %)
Average Shares	31.50	31.50	-
EPS (Riyals)	5.70	2.26	(60.3 %)

The positive results were driven by a surge in revenue to SAR 364 million in the three-month period, from SAR 39 million in Q1 2023/24, thanks to better average selling prices and sales volumes.

On a quarterly basis, the company’s net earnings fell by 60.3% from SAR 179.56 million, hurt by a drop in revenue to SAR 364 million in Q1 2024/25, from SAR 722 million in the year-earlier period.

Shareholders’ equity, no minority interest, rose to SAR 923.10 million as of June 30, 2024, from SAR 597.18 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q1 2024	364.42	838.1 %	86.42	1467.1 %	86.79	860.2 %

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 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
Q1 2024	71.24	483.8 %	2.26	-	71.24	2.26

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 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 %
Q1 2024	23.72 %	24.11 %	19.12 %

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 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 %
Q1 2024	23.71 %	25.60 %	19.55 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2024	31.50	11.34	11.34	29.30

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 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
Q1 2024	11.28	11.28	4.37

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
Q1 2024	339.64	24.78

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)	4,441.50
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 turns to profit of SAR 71.2M in Q1 2024/25

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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) 2024 Q1

Financial Ratios

Share Price

East Pipes Integrated Company for Industry (EAST PIPES)

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East Pipes turns to profit of SAR 71.2M in Q1 2024/25

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

East Pipes Integrated Company for Industry (EAST PIPES)

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Business Segments (Million)