Riyadh – Mubasher: Saudi Vitrified Clay Pipe Company (SVCP) reported SAR 6.99 million in net loss after Zakat and tax during the first nine months (9M) of 2023, signalling a 31.47% annual plunge from SAR 10.20 million, according to the interim financial results.
Loss per share (EPS) stood at SAR 0.47 in 9M-23, compared with SAR 0.68 in the same period a year earlier.
Revenues soared by 18.89% year-on-year (YoY) to SAR 61.10 million as of 30 September 2023 from SAR 51.39 million.
Financial Performance for Q3-23
In the third quarter (Q3) of 2023, Saudi Vitrified Clay registered a net loss after Zakat and tax of SAR 3.64 million, an increase of 265.83% from SAR 995,350 in Q3-22.
The company’s revenues increased by 8.11% YoY to SAR 21.73 million during the July-September 2023 period, versus SAR 20.10 million.
On a quarterly basis, the Q3-23 net loss widened by 633.87% from SAR 500,000in Q2-23, while the revenues climbed by 15.59% from SAR 18.80 million.
Earlier in October 2023, Saudi Vitrified Clay appointed Prince Faisal bin Abdulaziz bin Faisal Al Saud as the Chairman of the board for the next three years.
