Arabian Pipes turns to SAR 9 mln profit in 2022, Q4 at SAR 16.5 mln

Arabian Pipes turns to SAR 9 mln profit in 2022, Q4 at SAR 16.5 mln

26/03/2023 Argaam Exclusive

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Arabian Pipes Co. (APC) reported a net profit of SAR 9 million in 2022, versus a net loss of SAR 62.1 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 388.70 479.05 23.2 %
Gross Income 16.24 30.03 85.0 %
Operating Income (49.78) (8.59) 82.7 %
Net Income (62.08) (10.49) 83.1 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items (0.41) (0.13) 69.2 %
EPS (Riyals) (0.41) (0.07) 83.1 %

This was fostered by a 37% sales increase year-on-year (YoY) on operation and delivery of new awarded projects, an improvement in the delivery schedules, in addition to higher profit margins. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 42.67 173.29 306.2 %
Gross Income (1.22) 10.28 944.7 %
Operating Income (36.02) 2.40 106.7 %
Net Income (33.15) (2.97) 91.1 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items (0.22) (0.02) 91.1 %
EPS (Riyals) (0.22) (0.02) 91.1 %

Q4 2022 net profit reached SAR 16.5 million, versus a net loss of SAR 33.15 million in Q4 2021.

 

On a quarterly basis, net profit jumped by 66.1% from SAR 9.94 million in Q3 2022.

 

Shareholders’ equity, excluding minority interest, reached 115 million by Dec. 31, 2022, compared to SAR 105.7 million in the prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 99.72 (40.1 %) 8.59 (47.8 %) (9.57) (232.9 %)
Q2 2013 110.16 (32.0 %) 11.85 (20.8 %) (4.82) (190.8 %)
Q3 2013 86.61 (49.8 %) 14.73 4.2 % 2.70 106.4 %
Q4 2013 86.75 (51.5 %) 18.07 346.1 % (5.73) 52.0 %
Q1 2014 85.65 (14.1 %) 10.29 19.8 % (0.32) 96.7 %
Q2 2014 111.35 1.1 % 4.32 (63.6 %) (7.34) (52.3 %)
Q3 2014 97.04 12.0 % 8.82 (40.1 %) (4.51) (266.7 %)
Q4 2014 91.22 5.2 % (0.45) (102.5 %) (15.32) (167.3 %)
Q1 2015 161.06 88.0 % 16.03 55.8 % 0.41 229.6 %
Q2 2015 65.06 (41.6 %) 8.39 94.3 % (2.19) 70.1 %
Q3 2015 70.08 (27.8 %) 8.17 (7.4 %) (1.35) 70.1 %
Q4 2015 76.77 (15.8 %) 4.61 1120.4 % (18.19) (18.8 %)
Q1 2016 61.54 (61.8 %) 7.53 (53.0 %) (5.85) (1520.9 %)
Q2 2016 105.45 62.1 % 21.48 156.1 % 11.72 635.3 %
Q3 2016 97.26 38.8 % 16.42 101.0 % 11.03 920.0 %
Q4 2016 100.69 31.2 % 16.69 261.9 % 11.73 164.5 %
Q1 2017 112.62 83.0 % 7.97 5.8 % 2.60 144.5 %
Q2 2017 120.62 14.4 % 15.93 (25.8 %) 9.41 (19.7 %)
Q3 2017 137.86 41.7 % 21.35 30.0 % 14.84 34.5 %
Q4 2017 188.51 87.2 % 7.15 (57.2 %) (0.92) (107.9 %)
Q1 2018 121.95 8.3 % 2.81 (64.7 %) (5.10) (295.9 %)
Q2 2018 165.72 37.4 % 6.82 (57.2 %) (0.26) (102.7 %)
Q3 2018 186.21 35.1 % 2.32 (89.1 %) (5.05) (134.0 %)
Q4 2018 224.44 19.1 % (62.21) (969.9 %) (71.92) (7,709.3 %)
Q1 2019 180.03 47.6 % 22.39 695.7 % 13.99 374.3 %
Q2 2019 191.53 15.6 % 25.06 267.7 % 14.89 5915.6 %
Q3 2019 210.35 13.0 % 28.35 1122.1 % 20.54 506.8 %
Q4 2019 159.18 (29.1 %) 20.67 133.2 % 15.72 121.9 %
Q1 2020 66.45 (63.1 %) (1.40) (106.3 %) (11.66) (183.3 %)
Q2 2020 45.36 (76.3 %) 4.38 (82.5 %) (7.50) (150.4 %)
Q3 2020 162.04 (23.0 %) 6.24 (78.0 %) (2.82) (113.7 %)
Q4 2020 95.43 (40.0 %) (140.52) (780.0 %) (152.17) (1067.9 %)
Q1 2021 129.34 94.6 % 13.71 1076.4 % 5.16 144.3 %
Q2 2021 124.08 173.5 % 4.91 12.1 % (8.41) (12.1 %)
Q3 2021 92.61 (42.8 %) (1.16) (118.6 %) (10.51) (273.2 %)
Q4 2021 42.67 (55.3 %) (1.22) 99.1 % (36.02) 76.3 %
Q1 2022 61.72 (52.3 %) 1.43 (89.5 %) (12.69) (345.7 %)
Q2 2022 70.04 (43.6 %) (6.43) (230.9 %) (11.59) (37.8 %)
Q3 2022 175.42 89.4 % 25.79 2315.5 % 18.26 273.7 %
Q4 2022 173.29 306.2 % 10.28 944.7 % 2.40 106.7 %
2022 479.05 23.2 % 30.03 85.0 % (8.59) 82.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2013 (17.93) (849.0 %) (0.12) - (17.93) (0.12)
Q2 2013 (5.33) (263.9 %) (0.04) - (5.33) (0.04)
Q3 2013 (4.95) 29.4 % (0.03) - (4.95) (0.03)
Q4 2013 37.87 257.7 % 0.25 - 37.87 0.25
Q1 2014 (6.82) 62.0 % (0.05) - (6.82) (0.05)
Q2 2014 (14.05) (163.8 %) (0.09) - (14.05) (0.09)
Q3 2014 (11.48) (131.9 %) (0.08) - (11.48) (0.08)
Q4 2014 (20.27) (153.5 %) (0.14) - (20.27) (0.14)
Q1 2015 (6.33) 7.2 % (0.04) - (6.33) (0.04)
Q2 2015 (8.40) 40.2 % (0.06) - (8.40) (0.06)
Q3 2015 (8.93) 22.2 % (0.06) - (8.93) (0.06)
Q4 2015 (22.80) (12.5 %) (0.15) - (22.80) (0.15)
Q1 2016 (10.95) (73.0 %) (0.07) - (10.95) (0.07)
Q2 2016 11.17 233.0 % 0.07 - 11.17 0.07
Q3 2016 4.44 149.8 % 0.03 - 4.44 0.03
Q4 2016 (0.36) 98.4 % 0.00 - (0.36) 0.00
Q1 2017 (2.50) 77.1 % (0.02) - (2.50) (0.02)
Q2 2017 3.12 (72.0 %) 0.02 - 3.12 0.02
Q3 2017 6.64 49.3 % 0.04 - 6.64 0.04
Q4 2017 (1.96) (449.0 %) (0.01) - (1.96) (0.01)
Q1 2018 (8.85) (253.4 %) (0.06) - (8.85) (0.06)
Q2 2018 (7.96) (354.7 %) (0.05) - (7.96) (0.05)
Q3 2018 (16.85) (353.9 %) (0.11) (3.00) (13.85) (0.09)
Q4 2018 (89.05) (4,443.1 %) (0.59) (5.72) (83.33) (0.56)
Q1 2019 8.10 191.6 % 0.05 - 8.10 0.05
Q2 2019 8.09 201.6 % 0.05 - 8.09 0.05
Q3 2019 9.19 154.5 % 0.06 - 9.19 0.06
Q4 2019 4.88 105.5 % 0.03 - 4.88 0.03
Q1 2020 (16.85) (308.0 %) (0.11) - (16.85) (0.11)
Q2 2020 (18.84) (333.0 %) (0.13) - (18.84) (0.13)
Q3 2020 (3.45) (137.6 %) (0.02) - (3.45) (0.02)
Q4 2020 (156.20) (3301.5 %) (1.04) - (156.20) (1.04)
Q1 2021 0.95 105.6 % 0.01 - 0.95 0.01
Q2 2021 (13.06) 30.7 % (0.09) - (13.06) (0.09)
Q3 2021 (16.83) (387.4 %) (0.11) - (16.83) (0.11)
Q4 2021 (33.15) 78.8 % (0.22) - (33.15) (0.22)
Q1 2022 (13.21) (1490.8 %) (0.09) - (13.21) (0.09)
Q2 2022 (4.25) 67.4 % (0.03) 8.66 (12.91) (0.09)
Q3 2022 9.94 159.1 % 0.07 - 9.94 0.07
Q4 2022 (2.97) 91.1 % (0.02) - (2.97) (0.02)
2022 (10.49) 83.1 % (0.07) 8.66 (19.15) (0.13)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 6.80 % 4.15 % (7.45 %)
Q2 2013 6.88 % 2.70 % (9.67 %)
Q3 2013 8.25 % 2.77 % (10.98 %)
Q4 2013 13.89 % 4.19 % 2.52 %
Q1 2014 14.88 % 5.66 % 5.63 %
Q2 2014 12.80 % 3.82 % 3.25 %
Q3 2014 10.90 % 1.66 % 1.45 %
Q4 2014 5.96 % (1.17 %) (13.66 %)
Q1 2015 6.23 % (0.71 %) (11.32 %)
Q2 2015 7.91 % 0.57 % (11.22 %)
Q3 2015 8.29 % 1.48 % (11.34 %)
Q4 2015 9.97 % 0.58 % (12.46 %)
Q1 2016 10.49 % (1.51 %) (18.68 %)
Q2 2016 13.32 % 2.94 % (10.04 %)
Q3 2016 14.68 % 6.25 % (5.32 %)
Q4 2016 17.02 % 14.33 % 1.18 %
Q1 2017 15.04 % 14.57 % 3.07 %
Q2 2017 13.22 % 13.68 % 1.09 %
Q3 2017 13.13 % 13.37 % 1.46 %
Q4 2017 9.36 % 9.13 % 0.95 %
Q1 2018 8.30 % 7.71 % (0.18 %)
Q2 2018 6.21 % 5.61 % (1.98 %)
Q3 2018 2.88 % 2.27 % (4.92 %)
Q4 2018 (7.20 %) (7.97 %) (16.32 %)
Q1 2019 (4.06 %) (4.77 %) (12.83 %)
Q2 2019 (1.59 %) (2.65 %) (10.35 %)
Q3 2019 1.69 % 0.55 % (7.19 %)
Q4 2019 13.02 % 12.58 % 4.08 %
Q1 2020 11.58 % 10.85 % 0.84 %
Q2 2020 10.80 % 9.66 % (4.49 %)
Q3 2020 6.90 % 5.58 % (7.91 %)
Q4 2020 (35.55 %) (39.15 %) (52.90 %)
Q1 2021 (26.88 %) (29.58 %) (41.08 %)
Q2 2021 (22.64 %) (25.26 %) (33.62 %)
Q3 2021 (27.88 %) (30.99 %) (41.94 %)
Q4 2021 4.18 % (5.35 %) (15.97 %)
Q1 2022 1.23 % (11.89 %) (23.75 %)
Q2 2022 (2.76 %) (15.25 %) (28.50 %)
Q3 2022 5.60 % (3.13 %) (14.10 %)
Q4 2022 6.47 % 6.03 % (3.99 %)
2022 6.27 % 5.01 % (4.00 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2013 150.00 (0.30) (0.30) 4.56
Q2 2013 150.00 (0.36) (0.36) 4.52
Q3 2013 150.00 (0.35) (0.35) 4.49
Q4 2013 150.00 0.06 0.06 4.74
Q1 2014 150.00 0.14 0.14 4.69
Q2 2014 150.00 0.08 0.08 4.60
Q3 2014 150.00 0.04 0.04 4.53
Q4 2014 150.00 (0.35) (0.35) 4.39
Q1 2015 150.00 (0.35) (0.35) 4.35
Q2 2015 150.00 (0.31) (0.31) 4.29
Q3 2015 150.00 (0.29) (0.29) 4.23
Q4 2015 150.00 (0.31) (0.31) 4.08
Q1 2016 150.00 (0.34) (0.34) 4.01
Q2 2016 150.00 (0.21) (0.21) 4.08
Q3 2016 150.00 (0.12) (0.12) 4.11
Q4 2016 150.00 0.03 0.03 4.11
Q1 2017 150.00 0.09 0.09 4.09
Q2 2017 150.00 0.03 0.03 4.11
Q3 2017 150.00 0.05 0.05 4.16
Q4 2017 150.00 0.04 0.04 4.14
Q1 2018 150.00 (0.01) (0.01) 4.09
Q2 2018 150.00 (0.08) (0.08) 4.03
Q3 2018 150.00 (0.24) (0.22) 3.92
Q4 2018 150.00 (0.82) (0.76) 3.33
Q1 2019 150.00 (0.71) (0.65) 3.38
Q2 2019 150.00 (0.60) (0.54) 3.43
Q3 2019 150.00 (0.42) (0.39) 3.50
Q4 2019 150.00 0.20 0.20 2.69
Q1 2020 150.00 0.04 0.04 3.40
Q2 2020 150.00 (0.14) (0.14) 3.28
Q3 2020 150.00 (0.23) (0.23) 3.26
Q4 2020 150.00 (1.30) (1.30) 1.11
Q1 2021 150.00 (1.18) (1.18) 1.38
Q2 2021 150.00 (1.15) (1.15) 1.29
Q3 2021 150.00 (1.23) (1.23) 1.18
Q4 2021 150.00 (0.41) (0.41) 0.70
Q1 2022 150.00 (0.51) (0.51) 0.62
Q2 2022 150.00 (0.45) (0.51) 0.59
Q3 2022 150.00 (0.27) (0.33) 0.65
Q4 2022 150.00 (0.07) (0.13) 0.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 1.51
Q2 2013 NEG NEG 1.22
Q3 2013 NEG NEG 1.24
Q4 2013 More than 100 More than 100 1.36
Q1 2014 47.75 47.75 1.41
Q2 2014 86.97 86.97 1.52
Q3 2014 More than 100 More than 100 1.94
Q4 2014 NEG NEG 1.17
Q1 2015 NEG NEG 1.21
Q2 2015 NEG NEG 1.29
Q3 2015 NEG NEG 0.88
Q4 2015 NEG NEG 0.88
Q1 2016 NEG NEG 0.66
Q2 2016 NEG NEG 0.88
Q3 2016 NEG NEG 0.84
Q4 2016 More than 100 More than 100 1.15
Q1 2017 52.85 52.85 1.10
Q2 2017 More than 100 More than 100 0.86
Q3 2017 76.12 76.12 0.84
Q4 2017 92.21 92.21 0.79
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 0.82
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.75
Q1 2019 NEG NEG 0.78
Q2 2019 NEG NEG 0.78
Q3 2019 NEG NEG 0.94
Q4 2019 16.87 16.87 1.27
Q1 2020 80.14 80.14 0.83
Q2 2020 NEG NEG 0.99
Q3 2020 NEG NEG 1.47
Q4 2020 NEG NEG 4.32
Q1 2021 NEG NEG 4.33
Q2 2021 NEG NEG 4.12
Q3 2021 NEG NEG 4.34
Q4 2021 NEG NEG 6.23
Q1 2022 NEG NEG 6.10
Q2 2022 NEG NEG 4.08
Q3 2022 NEG NEG 3.45
Q4 2022 NEG NEG 3.95


Financial Ratios
Current
Market Cap (M Riyal) 1,383.00
Enterprise Value (EV) (M) 1,678.26
Shares Outstanding ((M)) 150.00
EPS ( Riyal) (TTM) 1.12
Book Value (BV) ( Riyal) 2.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 8.09
P/E (TTM) 8.22
Price/book 3.45
Return on Average Assets (%) (TTM) 18.3
Return on Average Equity (%) (TTM) 25.7
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Share Price

Arabian Pipes Co.
9.22
0.34 3.83 %

Arabian Pipes Co. (APC)

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