Arabian Pipes turns to SAR 132.1M profit in 2023; Q4 at SAR 40.7M

Arabian Pipes turns to SAR 132.1M profit in 2023; Q4 at SAR 40.7M

05/03/2024 Argaam Exclusive

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Arabian Pipes Co. (APC) swung to a net profit of SAR 132 million in 2023, against a net loss of SAR 10.5 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 479.05 1,076.71 124.8 %
Gross Income 30.03 224.85 648.7 %
Operating Income (8.59) 158.71 1948.2 %
Net Income (10.49) 132.11 1359.6 %
Average Shares 10.00 10.00 -
EPS (Riyals) (1.05) 13.21 1359.6 %

The profit was driven by sales rising to SAR 1.07 billion as the company won new contracts and delivered other projects last year.

 

Meanwhile, APC was awarded new projects for its plants to support production levels.

 

During the period, the company continued to see improved production and financing costs.

 

The company remained committed to delivering the contracted projects during the previous year.

 

In Q4 2023, the company turned to a net profit of SAR 40.69 million against a loss of SAR 2.97 million in Q4 2022.

 

APC’s fourth-quarter bottom line fell 9.3% from SAR 44.85 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 173.29 302.67 74.7 %
Gross Income 10.28 68.92 570.4 %
Operating Income 2.40 48.89 1938.9 %
Net Income (2.97) 40.69 1472.3 %
Average Shares 10.00 10.00 -
EPS (Riyals) (0.30) 4.07 1472.3 %

Shareholders’ equity, no minority interest, rose to SAR 233.12 million as of Dec. 31, 2023, from SAR 101.31 million a year earlier.

 

Attached Documents:

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 85.65 (14.1 %) 10.29 19.8 % (6.82) 62.0 % (0.68)
Q2 2014 111.35 1.1 % 4.32 (63.6 %) (14.05) (163.8 %) (1.41)
Q3 2014 97.04 12.0 % 8.82 (40.1 %) (11.48) (131.9 %) (1.15)
Q4 2014 91.22 5.2 % (0.45) (102.5 %) (20.27) (153.5 %) (2.03)
Q1 2015 161.06 88.0 % 16.03 55.8 % (6.33) 7.2 % (0.63)
Q2 2015 65.06 (41.6 %) 8.39 94.3 % (8.40) 40.2 % (0.84)
Q3 2015 70.08 (27.8 %) 8.17 (7.4 %) (8.93) 22.2 % (0.89)
Q4 2015 76.77 (15.8 %) 4.61 1120.4 % (22.80) (12.5 %) (2.28)
Q1 2016 61.54 (61.8 %) 7.53 (53.0 %) (10.95) (73.0 %) (1.09)
Q2 2016 105.45 62.1 % 21.48 156.1 % 11.17 233.0 % 1.12
Q3 2016 97.26 38.8 % 16.42 101.0 % 4.44 149.8 % 0.44
Q4 2016 100.69 31.2 % 16.69 261.9 % (0.36) 98.4 % (0.04)
Q1 2017 112.62 83.0 % 7.97 5.8 % (2.50) 77.1 % (0.25)
Q2 2017 120.62 14.4 % 15.93 (25.8 %) 3.12 (72.0 %) 0.31
Q3 2017 137.86 41.7 % 21.35 30.0 % 6.64 49.3 % 0.66
Q4 2017 188.51 87.2 % 7.15 (57.2 %) (1.96) (449.0 %) (0.20)
Q1 2018 121.95 8.3 % 2.81 (64.7 %) (8.85) (253.4 %) (0.88)
Q2 2018 165.72 37.4 % 6.82 (57.2 %) (7.96) (354.7 %) (0.80)
Q3 2018 186.21 35.1 % 2.32 (89.1 %) (16.85) (353.9 %) (1.68)
Q4 2018 224.44 19.1 % (62.21) (969.9 %) (89.05) (4,443.1 %) (8.90)
Q1 2019 180.03 47.6 % 22.39 695.7 % 8.10 191.6 % 0.81
Q2 2019 191.53 15.6 % 25.06 267.7 % 8.09 201.6 % 0.81
Q3 2019 210.35 13.0 % 28.35 1122.1 % 9.19 154.5 % 0.92
Q4 2019 159.18 (29.1 %) 20.67 133.2 % 4.88 105.5 % 0.49
Q1 2020 66.45 (63.1 %) (1.40) (106.3 %) (16.85) (308.0 %) (1.68)
Q2 2020 45.36 (76.3 %) 4.38 (82.5 %) (18.84) (333.0 %) (1.88)
Q3 2020 162.04 (23.0 %) 6.24 (78.0 %) (3.45) (137.6 %) (0.35)
Q4 2020 95.43 (40.0 %) (140.52) (780.0 %) (156.20) (3301.5 %) (15.62)
Q1 2021 129.34 94.6 % 13.71 1076.4 % 0.95 105.6 % 0.10
Q2 2021 124.08 173.5 % 4.91 12.1 % (13.06) 30.7 % (1.31)
Q3 2021 92.61 (42.8 %) (1.16) (118.6 %) (16.83) (387.4 %) (1.68)
Q4 2021 42.67 (55.3 %) (1.22) 99.1 % (33.15) 78.8 % (3.31)
Q1 2022 61.72 (52.3 %) 1.43 (89.5 %) (13.21) (1490.8 %) (1.32)
Q2 2022 70.04 (43.6 %) (6.43) (230.9 %) (4.25) 67.4 % (0.43)
Q3 2022 175.42 89.4 % 25.79 2315.5 % 9.94 159.1 % 0.99
Q4 2022 173.29 306.2 % 10.28 944.7 % (2.97) 91.1 % (0.30)
Q1 2023 214.68 247.9 % 28.67 1899.6 % 11.50 187.0 % 1.15
Q2 2023 265.04 278.4 % 60.91 1048.0 % 33.27 882.2 % 3.33
Q3 2023 279.12 59.1 % 67.55 161.9 % 44.85 351.0 % 4.48
Q4 2023 302.67 74.7 % 68.92 570.4 % 40.69 1472.3 % 4.07
2023 1,076.71 124.8 % 224.85 648.7 % 132.11 1359.6 % 13.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2023 9.21 % 8.86 % 0.88 %
Q2 2023 15.17 % 13.51 % 6.25 %
Q3 2023 17.96 % 15.46 % 9.30 %
Q4 2023 21.30 % 18.10 % 12.27 %
2023 20.88 % 17.96 % 12.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 10.00 2.08 2.08 70.41
Q2 2014 10.00 1.21 1.21 69.00
Q3 2014 10.00 0.55 0.55 67.88
Q4 2014 10.00 (5.26) (5.26) 65.86
Q1 2015 10.00 (5.21) (5.21) 65.22
Q2 2015 10.00 (4.65) (4.65) 64.38
Q3 2015 10.00 (4.39) (4.39) 63.49
Q4 2015 10.00 (4.65) (4.65) 61.21
Q1 2016 10.00 (5.11) (5.11) 60.12
Q2 2016 10.00 (3.15) (3.15) 61.23
Q3 2016 10.00 (1.81) (1.81) 61.68
Q4 2016 10.00 0.43 0.43 61.64
Q1 2017 10.00 1.28 1.28 61.39
Q2 2017 10.00 0.47 0.47 61.70
Q3 2017 10.00 0.69 0.69 62.37
Q4 2017 10.00 0.53 0.53 62.17
Q1 2018 10.00 (0.10) (0.10) 61.29
Q2 2018 10.00 (1.21) (1.21) 60.49
Q3 2018 10.00 (3.56) (3.26) 58.81
Q4 2018 10.00 (12.27) (11.40) 49.89
Q1 2019 10.00 (10.58) (9.70) 50.70
Q2 2019 10.00 (8.97) (8.10) 51.51
Q3 2019 10.00 (6.37) (5.80) 52.43
Q4 2019 10.00 3.03 3.03 40.30
Q1 2020 10.00 0.53 0.53 50.95
Q2 2020 10.00 (2.16) (2.16) 49.23
Q3 2020 10.00 (3.43) (3.43) 48.88
Q4 2020 10.00 (19.53) (19.53) 16.62
Q1 2021 10.00 (17.75) (17.75) 20.73
Q2 2021 10.00 (17.18) (17.18) 19.42
Q3 2021 10.00 (18.51) (18.51) 17.74
Q4 2021 10.00 (6.21) (6.21) 10.57
Q1 2022 10.00 (7.62) (7.62) 9.25
Q2 2022 10.00 (6.74) (7.61) 8.82
Q3 2022 10.00 (4.07) (4.93) 9.82
Q4 2022 10.00 (1.05) (1.91) 10.13
Q1 2023 10.00 1.42 0.56 11.28
Q2 2023 10.00 5.17 5.17 16.16
Q3 2023 10.00 8.66 8.66 20.65
Q4 2023 10.00 13.03 13.03 23.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 47.72 47.72 1.41
Q2 2014 86.92 86.92 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 52.83 52.83 1.10
Q2 2017 More than 100 More than 100 0.86
Q3 2017 76.08 76.08 0.84
Q4 2017 92.16 92.16 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 16.86 16.86 1.27
Q1 2020 80.10 80.10 0.83
Q2 2020 NEG NEG 0.99
Q3 2020 NEG NEG 1.47
Q4 2020 NEG NEG 4.31
Q1 2021 NEG NEG 4.32
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
Q1 2023 33.78 86.37 4.26
Q2 2023 11.75 11.75 3.76
Q3 2023 10.11 10.11 4.24
Q4 2023 9.79 9.79 5.47


Financial Ratios
Current
Market Cap (M Riyal) 1,990.00
Enterprise Value (EV) (M) 2,357.29
Shares Outstanding ((M)) 10.00
EPS ( Riyal) (TTM) 17.36
Book Value (BV) ( Riyal) 28.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.46
P/E (TTM) 11.46
Price/book 6.91
Return on Average Assets (%) (TTM) 20.7
Return on Average Equity (%) (TTM) 86.6
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Share Price

Arabian Pipes Co.
197.60
(5.40) (2.66 %)

Arabian Pipes Co. (APC)

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