Saudi Vitrified Clay Pipes Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )

Monday, 11 August 2025

 

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 13.09 14.8 -11.554 17.51 -25.242
Gross Profit (Loss) -1.02 -0.49 108.163 9.97 -
Operational Profit (Loss) -7.8 -5.54 40.794 -30.09 -74.077
Net profit (Loss) -8.63 -5.5 56.909 -30.71 -71.898
Total Comprehensive Income -8.63 -5.5 56.909 -30.1 -71.328
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Shareholders Equity (after Deducting Minority Equity) 93.41 203.72 -54.147
Profit (Loss) per Share -0.58 -0.37
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 56.59 37.7
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason for the decrease in revenues during this quarter compared to the same quarter of the previous year is due to the decrease in demand and the slowdown of some projects.
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 increase in the net loss during the current quarter compared to the same quarter last year is due to a decrease in sales, an increase in the cost of sales.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason for the decrease in revenues during this quarter compared to the previous quarter is due to the decrease in demand and the slowdown of some projects.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The increase in net loss during the current quarter compared to the previous quarter is due decrease of sales and increase of operation expenses
Statement of the type of external auditor's report Unmodified conclusion
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 interim condensed consolidated financial information of the Group for the three-month period ended 31 March 2024 was reviewed by another auditor, who issued a qualified conclusion on that interim financial information on 11 Dhul-Qidah 1445H (corresponding to 19 May 2024). This was due to the absence of audited financial statements for the subsidiary as of the acquisition date and as of the end of the financial year preceding the acquisition, which were subsequently issued on 20 Dhul-Qidah 1445H (corresponding to 28 May 2024).
Reclassification of Comparison Items Certain figures have been reclassified to fit with the presentation of the current period financial statements.
Additional Information Coinciding with the announcement of the initial financial results, the percentage of Accumulated losses reached 37.3 % of the company’s capital. The value of the accumulated losses on 31-03-2025 amounted to 56.6 million Saudi riyals, equivalent to 37.3% of the company’s capital of 150 million Saudi riyals.

The reason for the increase in accumulated losses is due to the study of the impairment in the value of property and equipment of SVCP, which was approved by the company's management and the external auditor on March 27, 2025, which resulted in an additional material decline by the end of the year 2024 by SAR 31.6 million, bringing the total accumulated impairment in the value of the Group's property, machinery and equipment until December 31, 2024 to SAR 80.23 million, in addition to the company's net loss at the end of the first quarter of 2025 of SAR 8.6 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.

The capital increase process is also underway, as the company appointed a financial advisor on 22/08/2024 to arrange the capital increase process.

Please note that the company is implementing the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses have reached more than 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.