Group Five Pipe Saudi turns to loss of SAR 18.7 mln in H1 2022

Group Five Pipe Saudi turns to loss of SAR 18.7 mln in H1 2022

05/09/2022 Argaam Exclusive

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Group Five Pipe Saudi Ltd. swung to a net loss of SAR 18.7 million in H1 2022, against a net profit of SAR 28.8 million in the year-earlier period.  



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 477.82 58.40 (87.8 %)
Gross Income 40.38 (7.11) (117.6 %)
Operating Income 42.27 (13.13) (131.1 %)
Net Income 28.83 (18.73) (165.0 %)
Average Shares 28.00 28.00 -
EPS (Riyals) 1.03 (0.67) (165.0 %)

The company was hit by the sharp increase of over 60% year-on-year (YoY) in its basic raw material prices (iron coils), which negatively reflected on most manufacturing industries that use iron. In addition, the pipe manufacturer cited the inflexible nature of its major contracts, as prices cannot be modified.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 477.82 58.40 (87.8 %)
Gross Income 40.38 (7.11) (117.6 %)
Operating Income 42.27 (13.13) (131.1 %)
Net Income 28.83 (18.73) (165.0 %)
Average Shares 28.00 28.00 -
EPS (Riyals) 1.03 (0.67) (165.0 %)

Shareholders’ equity, after minority interest, reached SAR 315.74 million as of June 30, 2022, down from SAR 327.88 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 352.84 - 44.25 - 40.50 -
H2 2020 563.33 - 85.51 - 79.52 -
H1 2021 477.82 35.4 % 40.38 (8.7 %) 42.27 4.4 %
H2 2021 163.28 (71.0 %) 20.93 (75.5 %) 11.86 (85.1 %)
H1 2022 58.40 (87.8 %) (7.11) (117.6 %) (13.13) (131.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 30.07 - 1.07 - 30.07 1.07
H2 2020 53.54 - 1.91 - 53.54 1.91
H1 2021 28.83 (4.1 %) 1.03 - 28.83 1.03
H2 2021 6.29 (88.3 %) 0.22 - 6.29 0.22
H1 2022 (18.73) (165.0 %) (0.67) - (18.73) (0.67)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 14.16 % 14.68 % 9.13 %
H1 2021 12.09 % 13.56 % 7.91 %
H2 2021 9.56 % 11.79 % 5.48 %
H1 2022 6.23 % 9.12 % (5.61 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 28.00 - - 8.81
H2 2020 28.00 2.99 2.99 10.68
H1 2021 28.00 2.94 2.94 11.71
H2 2021 28.00 1.25 1.25 11.95
H1 2022 28.00 (0.44) (0.44) 11.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 30.50 30.50 3.20
H1 2022 NEG NEG 2.22

Business Segments (Million)

Compared With The
Period Pipe sales Scrap sales and others
Q2 2020 327.47 25.37
Q4 2020 536.63 26.70
Q2 2021 453.36 24.46
Q4 2021 156.88 6.40
Q2 2022 56.31 2.09


Financial Ratios
Current
Market Cap (M Riyal) 1,075.20
Enterprise Value (EV) (M) 1,833.25
Shares Outstanding ((M)) 28.00
Book Value (BV) ( Riyal) 11.57
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 3.32
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Share Price

Group Five Pipe Saudi Co.
38.40
(0.60) (1.54 %)

Group Five Pipe Saudi Co. (GROUP FIVE)

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