IssuerAnnouncementDetailsV2Portlet
Actions
Saudi Vitrified Clay Pipes Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 16.49 | 21.73 | -24.114 | 9.66 | 70.703 |
| Gross Profit (Loss) | -4.75 | 2.34 | - | -7.96 | -40.326 |
| Operational Profit (Loss) | -57.05 | -2.96 | 1,827.364 | -13.45 | 324.163 |
| Net profit (Loss) | -57.3 | -3.64 | 1,474.175 | -13.96 | 310.458 |
| Total Comprehensive Income | -57.3 | -3.64 | 1,474.175 | -13.96 | 310.458 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 40.98 | 61.1 | -32.929 |
| Gross Profit (Loss) | -14.18 | 6.93 | - |
| Operational Profit (Loss) | -76.91 | -5.48 | 1,303.467 |
| Net profit (Loss) | -77.74 | -6.99 | 1,012.16 |
| Total Comprehensive Income | -77.74 | -6.99 | 1,012.16 |
| Total Shareholders Equity (after Deducting Minority Equity) | 132.46 | 261.93 | -49.429 |
| Profit (Loss) per Share | -5.18 | -0.47 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 92.54 | 61.67 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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, and the provision of impairment of FA amounting to SAR 48.7 M. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the increase in revenues during the current quarter compared to the previous quarter is due to the increase in demand. |
| 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 to the FA impairment provision amount of SAR 48.7M. |
| 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 reason for the decrease in revenues during this period compared to the same period 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 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 sales and an increase in the cost of sales, and FA impairment provision amounting to SAR 48.7M. |
| 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) | We would like to draw attention to Note (2) to the Group's condensed consolidated financial statements, which indicates that as of 30 September 2024, the Group's accumulated losses amounted to SAR 92.5 million (representing 62% of the Company's capital) and there was an accumulated material impairment in the value of the Group's property, machinery and equipment by SAR 95 million, as well as negative cash flows from the Group's operating activities amounted to SAR 12.4 million for the nine months then ended. These circumstances indicate a fundamental uncertainty related to continuity. As further explained in the above explanation, the Group's management has made a future assessment of the financial performance and working capital of the Group and has concluded that the Group is capable of generating sufficient cash flows in the future to enable it to continue its operations and pay its liabilities at maturity at least during the twelve months following the date of these interim condensed consolidated financial statements, and our conclusion in respect of this has not been amended. |
| Reclassification of Comparison Items | Certain figures have been reclassified to fit with the presentation of the current period financial statements. |
| Additional Information | As of 30 September 2024, the accumulated losses of the Group amounted to SAR 92.5 million, representing 62% of the company's capital. The Board of Directors was informed on November 10, 2024, as the impairment study of the value of property and equipment for SVCP, which was approved by the company's management and the external auditor on November 10, 2024, concluded a material impairment at the end of the third quarter by SAR 48.7 million, bringing the total accumulated decline in the value of the Group's property, machinery and equipment until 30 September 2024 to 95 million Saudi riyals. The Board of Directors has called for the Extraordinary General Assembly to be held on 3 October 2024 to vote on approving the transfer of the statutory reserve value of SAR 75 million to amortize part of the accumulated losses of SAR 35.3 million, equivalent to 23.5% of the capital, and the Extraordinary General Assembly approved this on 05 November 2024. Therefore, the balance of accumulated losses becomes SAR 57.2 million, representing 38.13% of the capital. Knowing that the company applies the procedures and instructions issued by the Capital Market Authority for companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses amounted to 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.
Share
Company Performance
Key Parameters
Last Price 40.25
Net Change -0.1 (-0.25%)
Value Traded (Sar) 997,247.85
Volume Traded 24,703
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions