Arabian Pipes Co. — Earnings Release 2015

Feb 24, 2016

Arabian Pipes Company announces the annual financial results for the period ending on 31-12-2015

2200 · 24/02/2016 08:01:08 · Announcement #41366 · View on Saudi Exchange

Arabian Pipes Company announces the annual financial results for the period ending on 31-12-2015

Element	Current year	Previous year	% Change
Net profit (loss)	-46.46	-52.35	11.25
Earning or loss per share, Riyals	-1.16	-1.31	-
Gross profit (loss)	37.19	22.97	61.91
Operational profit (loss)	-21.32	-27.2	21.62

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The decrease in losses in 2015 compared to last year is due to the increase in gross profits despite the decrease in sales resulting from improved utilization of Jubail factory which did not reach breakeven. This improved utilization did not affect the net profit due to the increase in provisions amounting to SR18 million, SR 14 million expenses of Jubail underutilization, and SR20 million in finance charges; which includes one million for the postponed accommodation project. This indicates positive operating results despite the current market situation and the competitive landscape.
Reclassifications in annual financial results	Reclassification some compared figures last period to matching with this year presentation

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