Saudi Vitrified Clay Pipes Co. announces its Annual Financial results for the period ending on 2024-12-31

Thursday, 17 April 2025

 

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 58.49 75.67 -22.7
Gross Profit (Loss) -4.21 7.34 -
Operational Profit (Loss) -24.62 -13.31 84.97
Net profit (Loss) -108.45 -58.99 83.84
Total Comprehensive Income -107.84 -58.51 84.31
Total Shareholders Equity (after Deducting Minority Equity) 102.04 209.87 -51.38
Profit (Loss) per Share -7.23 -3.93
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
Accumulated Losses -47.96 32
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The decrease in revenue this year compared to the previous year is due to the decrease in demand for the company's products
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The increase in the net loss this year compared to the last year is due to a decrease in Sales, and increase in the cost of sale, and the provision of impairment of FA amounting to SAR 80.23 M.
Statement of the type of external auditor's report Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) The company’s financial statements as of 31 December 2023, were audited by another auditor, who issued an unqualified opinion in their report dated 20 Shawal 1445H (corresponding to 29 April 2024).
Reclassification of Comparison Items Some of the comparative figures were reclassified for comparability
Additional Information The Group's accumulated losses as of December 31, 2024, amounted to SAR 47.9 million, representing 32% of the Company's capital. The Board of Directors was informed of this on March 27, 2025. The impairment study of the SVCP property and equipment, which was approved by the Company's management and the external auditor on March 27, 2025, concluded that there was an additional significant impairment loss at the end of the year amounting to SAR 31.6 million, bringing the total accumulated impairment loss in the Group's property, plant and equipment until December 31, 2024, to SAR 80.23 million.

Noting that the Board of Directors issued its recommendation on 08/07/2024 AD to increase the capital through a rights issue in order to support the company’s growth strategy, which is to diversify its products by expanding the cement products industry for the Saudi Land Factory, which began with escalating production and actual sale since 2024AD, as well as establishing the high-density plastic pipes & fittings factory currently under construction, supporting the company’s operational processes and strengthening its financial position.

Noting that the capital increase process is currently underway, the company appointed a financial advisor on 08/22/2024 AD to arrange the capital increase process.

Please note that the company is implementing the procedures and instructions issued by the Capital Market Authority for companies listed on the Saudi Stock Exchange whose accumulated losses exceed 20% of their capital.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.