Saudi Vitrified Clay Pipes Co. announces its Interim Financial results for the Period Ending on 2025-06-30 ( Six Months )

Monday, 11 August 2025

 

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 14.75 9.66 52.691 13.09 12.681
Gross Profit (Loss) -4.44 -7.25 -38.758 -1.02 335.294
Operational Profit (Loss) -10.88 -10.99 -1 -7.8 39.487
Net profit (Loss) -11.46 -12.08 -5.132 -8.63 32.792
Total Comprehensive Income -11.46 -12.08 -5.132 -8.63 32.792
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 27.85 24.83 12.162
Gross Profit (Loss) -5.46 -7.74 -29.457
Operational Profit (Loss) -18.8 -16.53 13.732
Net profit (Loss) -20.21 -17.58 14.96
Total Comprehensive Income -20.21 -17.58 14.96
Total Shareholders Equity (after Deducting Minority Equity) 81.83 189.75 -56.874
Profit (Loss) per Share -1.35 -1.17
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 68.17 45.45
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 increase in revenues during this quarter compared to the same quarter of the previous year is due to the increase in sales of cement products in our subsidiary company.
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 losses during the current quarter compared to the same quarter of the previous year is due to increase revenues.
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 reason for the increase in net loss during the current quarter compared to the previous quarter is due to higher costs of sales costs.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The increase in revenues during this quarter compared to the same quarter of the previous year is due to the increase in sales of cement products in the subsidiary
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 a decrease in thesales and an increase in the cost of sales
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) N/A
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 45.45 % of the company’s capital. The value of the accumulated losses on 30-06-2025 amounted to 68.17 million Saudi riyals, equivalent to 45.45% 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 2nd quarter of 2025 of SAR 20.21 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.