SVCP records SAR 3 million losses during Q1

Saudi Vitrified Clay Pipes Company recorded a net loss after zakat and tax of SAR 2.9 million in the first quarter, compared to a profit of SAR 1.27 million in the same quarter of last year.

This came after the announcement on Sunday of the interim financial results for the period ending on 31.03.2023 (three months).

The operational loss amounted to SAR 2.3 million in the first quarter, compared to SAR 2.7 million in the same quarter of the previous year, a decrease of 14.8%.

The total shareholders’ equity “without minority rights” amounted to SAR 265.8 million in the current period, compared to SAR 278.2 million in the same period last year, a decrease of 4.4%.

The loss per share in the current period reached 0.19 riyals, compared to 0.09 riyals in the same period last year.

The reason for the increase in net losses during the current quarter compared to the same quarter of the previous year is a decrease in other revenues, as other revenues in the same quarter of the previous year included an amount of SAR 4.5 million advance payment of the insurance compensation for the fire incident in the first factory.

The increase in net losses during the current quarter compared to the previous quarter is due to the decrease in sales