SVCP records losses of SR0.99 mln during Q3, down 43%

The Saudi Vitrified Clay Pipes (SVCP) Company revealed that the net loss after zakat and tax in the third quarter decreased to SR0.99 million, compared to losses of SR1.76 million in the same quarter of last year, at a rate of 43.4%.
This came after the announcement on Thursday of the preliminary financial results for the period ending on September 30 2022 (nine months).
The operational loss amounted to SR0.28 million in the third quarter, compared to SR1.65 million in the same quarter of the previous year, a decrease of 83%.
The net loss after zakat and tax in the 9-month period amounted to SR10.2 million, compared to SR2.9 million in the same period last year, an increase of 243.4%.
The gross shareholders’ equity “without minority rights” amounted to SR266.7 million in the current period, compared to SR276 million in the same period last year, a decrease of 3.3%.
The loss per share in the current period was SR0.88, compared to SR0.09 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The reason for the decrease in net losses during the current quarter compared to the same quarter of the previous year is due to the decrease in cost of sales and decrease of General and administrative expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The decrease in net losses during the current quarter compared to the previous quarter is due to the increase of sales.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reason for the increase in net losses during the current period compared to the same period of the previous year is due to the decrease of sales as a result of the decrease in the volume of demand for pipes in general due to the slowdown of projects and increase in the cost of sales.