Arabian Pipes’ 9M net profit rises to SAR 155.7M; Q3 at SAR 44 M

Arabian Pipes’ 9M net profit rises to SAR 155.7M; Q3 at SAR 44 M

31/10/2024 Argaam Exclusive

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Arabian Pipes Co. (APC) reported a net profit of SAR 155.7 million for the first nine months of 2024, an increase of 66.2% from SAR 93.7 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 767.08 970.28 26.5 %
Gross Income 159.19 244.25 53.4 %
Operating Income 118.48 194.16 63.9 %
Net Income 93.69 155.72 66.2 %
Average Shares 15.00 15.00 -
EPS (Riyals) 6.25 10.38 66.2 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 234.12 318.47 36.0 %
Gross Income 59.75 63.73 6.7 %
Operating Income 44.76 55.69 24.4 %
Net Income 36.74 43.89 19.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 2.45 2.93 19.5 %
Q3 2024 net profit stood at SAR 44 million, an increase of 19.4% year-on-year (YoY), from SAR 36.7 million a year earlier.
 
On a sequential basis, net earnings decreased by 23.06%, from SAR 57.05 million.
 
Total shareholders’ equity (no minority equity) stood at SAR 388.8 million by Sept. 30, 2024, compared to SAR 206.4 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2023 214.68 247.9 % 28.67 1899.6 % 13.92 209.7 %
Q2 2023 318.28 354.4 % 70.77 1201.5 % 56.60 588.4 %
Q3 2023 234.12 33.5 % 59.75 131.7 % 44.76 145.2 %
Q4 2023 302.67 74.7 % 68.92 570.4 % 48.89 1938.9 %
Q1 2024 308.75 43.8 % 95.26 232.2 % 64.22 361.4 %
Q2 2024 343.07 7.8 % 85.25 20.5 % 66.13 16.8 %
Q3 2024 318.47 36.0 % 63.73 6.7 % 55.69 24.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 (6.33) 7.2 % (0.42) - (6.33) (0.42)
Q2 2015 (8.40) 40.2 % (0.56) - (8.40) (0.56)
Q3 2015 (8.93) 22.2 % (0.60) - (8.93) (0.60)
Q4 2015 (22.80) (12.5 %) (1.52) - (22.80) (1.52)
Q1 2016 (10.95) (73.0 %) (0.73) - (10.95) (0.73)
Q2 2016 11.17 233.0 % 0.74 - 11.17 0.74
Q3 2016 4.44 149.8 % 0.30 - 4.44 0.30
Q4 2016 (0.36) 98.4 % (0.02) - (0.36) (0.02)
Q1 2017 (2.50) 77.1 % (0.17) - (2.50) (0.17)
Q2 2017 3.12 (72.0 %) 0.21 - 3.12 0.21
Q3 2017 6.64 49.3 % 0.44 - 6.64 0.44
Q4 2017 (1.96) (449.0 %) (0.13) - (1.96) (0.13)
Q1 2018 (8.85) (253.4 %) (0.59) - (8.85) (0.59)
Q2 2018 (7.96) (354.7 %) (0.53) - (7.96) (0.53)
Q3 2018 (16.85) (353.9 %) (1.12) (3.00) (13.85) (0.92)
Q4 2018 (89.05) (4,443.1 %) (5.94) (5.72) (83.33) (5.56)
Q1 2019 8.10 191.6 % 0.54 - 8.10 0.54
Q2 2019 8.09 201.6 % 0.54 - 8.09 0.54
Q3 2019 9.19 154.5 % 0.61 - 9.19 0.61
Q4 2019 4.88 105.5 % 0.33 - 4.88 0.33
Q1 2020 (16.85) (308.0 %) (1.12) - (16.85) (1.12)
Q2 2020 (18.84) (333.0 %) (1.26) - (18.84) (1.26)
Q3 2020 (3.45) (137.6 %) (0.23) - (3.45) (0.23)
Q4 2020 (156.20) (3301.5 %) (10.41) - (156.20) (10.41)
Q1 2021 0.95 105.6 % 0.06 - 0.95 0.06
Q2 2021 (13.06) 30.7 % (0.87) - (13.06) (0.87)
Q3 2021 (16.83) (387.4 %) (1.12) - (16.83) (1.12)
Q4 2021 (33.15) 78.8 % (2.21) - (33.15) (2.21)
Q1 2022 (13.21) (1490.8 %) (0.88) - (13.21) (0.88)
Q2 2022 (4.25) 67.4 % (0.28) 8.66 (12.91) (0.86)
Q3 2022 9.94 159.1 % 0.66 - 9.94 0.66
Q4 2022 (2.97) 91.1 % (0.20) - (2.97) (0.20)
Q1 2023 11.50 187.0 % 0.77 - 11.50 0.77
Q2 2023 45.45 1168.6 % 3.03 (7.26) 52.71 3.51
Q3 2023 36.74 269.5 % 2.45 (2.88) 39.62 2.64
Q4 2023 40.69 1472.3 % 2.71 - 40.69 2.71
Q1 2024 54.79 376.5 % 3.65 (2.86) 57.65 3.84
Q2 2024 57.05 25.5 % 3.80 - 57.05 3.80
Q3 2024 43.89 19.5 % 2.93 - 43.89 2.93

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 15.37 % 14.14 % 8.07 %
Q3 2023 18.02 % 16.10 % 10.73 %
Q4 2023 21.32 % 18.64 % 13.51 %
Q1 2024 25.32 % 21.57 % 16.38 %
Q2 2024 26.01 % 22.09 % 16.41 %
Q3 2024 24.60 % 21.56 % 15.65 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 15.00 (3.48) (3.48) 43.48
Q2 2015 15.00 (3.10) (3.10) 42.92
Q3 2015 15.00 (2.93) (2.93) 42.33
Q4 2015 15.00 (3.10) (3.10) 40.81
Q1 2016 15.00 (3.40) (3.40) 40.08
Q2 2016 15.00 (2.10) (2.10) 40.82
Q3 2016 15.00 (1.21) (1.21) 41.12
Q4 2016 15.00 0.29 0.29 41.09
Q1 2017 15.00 0.85 0.85 40.93
Q2 2017 15.00 0.31 0.31 41.14
Q3 2017 15.00 0.46 0.46 41.58
Q4 2017 15.00 0.35 0.35 41.45
Q1 2018 15.00 (0.07) (0.07) 40.86
Q2 2018 15.00 (0.81) (0.81) 40.33
Q3 2018 15.00 (2.37) (2.17) 39.20
Q4 2018 15.00 (8.18) (7.60) 33.26
Q1 2019 15.00 (7.05) (6.47) 33.80
Q2 2019 15.00 (5.98) (5.40) 34.34
Q3 2019 15.00 (4.24) (3.86) 34.95
Q4 2019 15.00 2.02 2.02 26.87
Q1 2020 15.00 0.35 0.35 33.97
Q2 2020 15.00 (1.44) (1.44) 32.82
Q3 2020 15.00 (2.28) (2.28) 32.59
Q4 2020 15.00 (13.02) (13.02) 11.08
Q1 2021 15.00 (11.84) (11.84) 13.82
Q2 2021 15.00 (11.45) (11.45) 12.95
Q3 2021 15.00 (12.34) (12.34) 11.83
Q4 2021 15.00 (4.14) (4.14) 7.05
Q1 2022 15.00 (5.08) (5.08) 6.17
Q2 2022 15.00 (4.50) (5.07) 5.88
Q3 2022 15.00 (2.71) (3.29) 6.55
Q4 2022 15.00 (0.70) (1.28) 6.75
Q1 2023 15.00 0.95 0.37 7.52
Q2 2023 15.00 4.26 4.75 10.55
Q3 2023 15.00 6.05 6.72 13.00
Q4 2023 15.00 8.96 9.63 15.54
Q1 2024 15.00 11.84 12.71 19.19
Q2 2024 15.00 12.62 13.00 23.00
Q3 2024 15.00 13.09 13.28 25.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 33.80 86.42 4.26
Q2 2023 9.52 8.55 3.84
Q3 2023 9.66 8.69 4.49
Q4 2023 9.50 8.83 5.48
Q1 2024 9.03 8.42 5.57
Q2 2024 9.85 9.56 5.41
Q3 2024 10.00 9.86 5.05


Financial Ratios
Current
Market Cap (M Riyal) 1,716.00
Enterprise Value (EV) (M) 2,080.24
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 13.09
Book Value (BV) ( Riyal) 25.92
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.61
P/E (TTM) 8.74
Price/book 4.41
Return on Average Assets (%) (TTM) 21.8
Return on Average Equity (%) (TTM) 67.3
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Share Price

Arabian Pipes Co.
114.40
4.40 4.00 %

Arabian Pipes Co. (APC)

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