Arabian Pipes turns to SAR 91.4 mln profit in 9M 2023; Q3 at SAR 44.8 mln

01/11/2023 Argaam Exclusive

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Arabian Pipes Co. (APC) swung to a net profit of SAR 91.4 million the first nine months of 2023, against a net loss of SAR 7.5 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	305.76	774.04	153.2 %
Gross Income	19.75	155.93	689.4 %
Operating Income	(10.99)	109.82	1099.7 %
Net Income	(7.52)	91.42	1315.2 %
Average Shares	10.00	10.00	-
EPS (Riyals)	(0.75)	9.14	1315.2 %

The pipe manufacturer said the positive results were spurred by a 153% increase year-on-year (YoY) in sales revenue. Sales revenue year to date reached approximately SAR 774 million, up from SAR 305.7 million in the first nine months of 2022. This increase also led to a rise in the gross profit margin to around 20.1% compared to 6.4% in the same period of 2022

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	175.42	279.12	59.1 %
Gross Income	25.79	67.55	161.9 %
Operating Income	18.26	50.35	175.8 %
Net Income	9.94	44.85	351.0 %
Average Shares	10.00	10.00	-
EPS (Riyals)	0.99	4.48	351.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	265.04	279.12	5.3 %
Gross Income	60.91	67.55	10.9 %
Operating Income	44.07	50.35	14.3 %
Net Income	33.27	44.85	34.8 %
Average Shares	10.00	10.00	-
EPS (Riyals)	3.33	4.48	34.8 %

In Q3 2023, net profit skyrocketed to SAR 44.8 million compared to SAR 9.94 million in Q3 2022, as revenue leapt 59% YoY to SAR 279.1 million.

The revenue growth was backed by the new projects won by APC and improved supply. Further, the company started to produce and deliver the pipes for projects awarded earlier.

Production was stable during the period in Riyadh and Jubail plants.

APC’s third-quarter bottom line jumped 34.9% from SAR 33.2 million in Q2 2023, thanks to better sales and lower costs. Gross profit margins expanded to around 24% from 23% in Q2 2023.

Shareholders’ equity, no minority interest, rose to SAR 206.4 million as of Sept. 30, 2023, from SAR 98.1 million a year earlier.

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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)
2014	385.26	0.5 %	22.97	(56.8 %)	(52.35)	(641.7 %)	(5.23)
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)
2015	372.97	(3.2 %)	37.19	61.9 %	(46.46)	11.2 %	(4.65)
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)
2016	364.94	(2.2 %)	62.13	67.0 %	4.31	109.3 %	0.43
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)
2017	559.60	53.3 %	52.40	(15.7 %)	5.30	22.8 %	0.53
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)
2018	698.31	24.8 %	(50.26)	(195.9 %)	(122.70)	(2416.4 %)	(12.27)
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
2019	741.09	6.1 %	96.47	292.0 %	30.25	124.7 %	3.02
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)
2020	369.29	(50.2 %)	(131.30)	(236.1 %)	(195.34)	(745.8 %)	(19.53)
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)
2021	388.70	5.3 %	16.24	112.4 %	(62.08)	68.2 %	(6.21)
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)
2022	479.05	23.2 %	30.03	85.0 %	(10.49)	83.1 %	(1.05)
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	383.24	(43.6 %)	53.23	7.3 %	9.66	138.1 %	0.97
2014	385.26	0.5 %	22.97	(56.8 %)	(52.35)	(641.7 %)	(5.23)
2015	372.97	(3.2 %)	37.19	61.9 %	(46.46)	11.2 %	(4.65)
2016	364.94	(2.2 %)	62.13	67.0 %	4.31	109.3 %	0.43
2017	559.60	53.3 %	52.40	(15.7 %)	5.30	22.8 %	0.53
2018	698.31	24.8 %	(50.26)	(195.9 %)	(122.70)	(2416.4 %)	(12.27)
2019	741.09	6.1 %	96.47	292.0 %	30.25	124.7 %	3.02
2020	369.29	(50.2 %)	(131.30)	(236.1 %)	(195.34)	(745.8 %)	(19.53)
2021	388.70	5.3 %	16.24	112.4 %	(62.08)	68.2 %	(6.21)
2022	479.05	23.2 %	30.03	85.0 %	(10.49)	83.1 %	(1.05)

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 %)
2014	5.96 %	(1.10 %)	(13.59 %)
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 %)
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 %
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 %
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 %)
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 %
2019	13.02 %	12.25 %	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 %)
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 %)
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 %)
Q1 2023	9.21 %	8.86 %	0.88 %
Q2 2023	15.17 %	13.51 %	6.25 %
Q3 2023	17.96 %	15.46 %	9.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	13.89 %	4.19 %	2.52 %
2014	5.96 %	(1.10 %)	(13.59 %)
2015	9.97 %	0.58 %	(12.46 %)
2016	17.02 %	14.33 %	1.18 %
2017	9.36 %	9.13 %	0.95 %
2018	(7.20 %)	(7.97 %)	(16.32 %)
2019	13.02 %	12.25 %	4.08 %
2020	(35.55 %)	(39.15 %)	(52.90 %)
2021	4.18 %	(5.35 %)	(15.97 %)
2022	6.27 %	5.01 %	(4.00 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	12.01 %	6.24 %	(7.96 %)
Q2 2014	3.88 %	(1.45 %)	(12.62 %)
Q3 2014	9.09 %	1.59 %	(11.83 %)
Q4 2014	(0.50 %)	(10.73 %)	(22.22 %)
Q1 2015	9.95 %	4.08 %	(3.93 %)
Q2 2015	12.89 %	6.19 %	(12.91 %)
Q3 2015	11.66 %	7.01 %	(12.74 %)
Q4 2015	6.01 %	(17.39 %)	(29.70 %)
Q1 2016	12.24 %	0.45 %	(17.78 %)
Q2 2016	20.37 %	16.49 %	10.59 %
Q3 2016	16.89 %	17.49 %	4.57 %
Q4 2016	16.58 %	17.51 %	(0.35 %)
Q1 2017	7.08 %	7.64 %	(2.22 %)
Q2 2017	13.21 %	13.04 %	2.59 %
Q3 2017	15.48 %	15.33 %	4.81 %
Q4 2017	3.79 %	2.99 %	(1.04 %)
Q1 2018	2.31 %	1.14 %	(7.26 %)
Q2 2018	4.11 %	3.81 %	(4.80 %)
Q3 2018	1.25 %	0.93 %	(7.44 %)
Q4 2018	(27.72 %)	(29.01 %)	(37.13 %)
Q1 2019	12.44 %	11.63 %	4.50 %
Q2 2019	13.09 %	11.34 %	4.22 %
Q3 2019	13.48 %	12.77 %	4.37 %
Q4 2019	12.98 %	14.91 %	3.07 %
Q1 2020	(2.11 %)	(6.34 %)	(25.36 %)
Q2 2020	9.66 %	0.24 %	(41.53 %)
Q3 2020	3.85 %	2.79 %	(2.13 %)
Q4 2020	(147.25 %)	(151.92 %)	(163.68 %)
Q1 2021	10.60 %	9.68 %	0.73 %
Q2 2021	3.96 %	(0.90 %)	(10.52 %)
Q3 2021	(1.26 %)	(3.49 %)	(18.17 %)
Q4 2021	(2.85 %)	(67.86 %)	(77.69 %)
Q1 2022	2.32 %	(7.89 %)	(21.41 %)
Q2 2022	(9.17 %)	(5.25 %)	(18.44 %)
Q3 2022	14.70 %	15.14 %	5.67 %
Q4 2022	5.93 %	6.31 %	(1.71 %)
Q1 2023	13.36 %	10.38 %	5.36 %
Q2 2023	22.98 %	19.66 %	12.55 %
Q3 2023	24.20 %	21.07 %	16.07 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	10.00	0.97	0.97	71.09
2014	10.00	(5.23)	(5.23)	65.86
2015	10.00	(4.65)	(4.65)	61.21
2016	10.00	0.43	0.43	61.64
2017	10.00	0.53	0.53	62.17
2018	10.00	(12.27)	(11.40)	49.89
2019	10.00	3.02	3.02	40.30
2020	10.00	(19.53)	(19.53)	16.62
2021	10.00	(6.21)	(6.21)	10.57
2022	10.00	(1.05)	(1.91)	10.13

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

Period	P/E	Adjusted P/E	Price/book
2013	More than 100	More than 100	1.36
2014	NEG	NEG	1.17
2015	NEG	NEG	0.88
2016	More than 100	More than 100	1.15
2017	92.16	92.16	0.79
2018	NEG	NEG	0.75
2019	16.87	16.87	1.27
2020	NEG	NEG	4.31
2021	NEG	NEG	6.23
2022	NEG	NEG	3.95

Financial Ratios

	Current
Market Cap (M Riyal)	2,018.00
Enterprise Value (EV) (M)	2,385.29
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)	11.63
P/E (TTM)	11.63
Price/book	7.01
Return on Average Assets (%) (TTM)	20.7
Return on Average Equity (%) (TTM)	86.6

Arabian Pipes Co. (APC)

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Arabian Pipes turns to SAR 91.4 mln profit in 9M 2023; Q3 at SAR 44.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Arabian Pipes Co. (APC)

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