Saudi Vitrified Clay Posts SAR 4.35M Loss in Three Months 2026
SVCP 2360.SA | 0.00 |
On 2026-05-12 08:18:39 (Saudi Time), Saudi Vitrified Clay Pipes Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 15.46 | 13.09 | 18.105 | 23.67 | -34.685 |
| Gross Profit (Loss) | 4.28 | -1.02 | - | -6.89 | - |
| Operational Profit (Loss) | -4.03 | -8.27 | -51.269 | -22.94 | -82.432 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -4.35 | -8.63 | -49.594 | -22.94 | -81.037 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -4.35 | -8.63 | -49.594 | -23.41 | -81.418 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 64.72 | 93.41 | -30.714 |
| Profit (Loss) per Share | -0.29 | -0.58 | |
| 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 | 85.28 | 56.85 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales increased 18.105% YoY to SAR 15.46 million, primarily driven by increased revenues from the subsidiary (SLF). Net loss improved significantly by 49.594% YoY to SAR 4.35 million from SAR 8.63 million, attributed to higher sales and reduced cost of sales despite ongoing operational challenges.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 34.685% to SAR 15.46 million due to decreased demand and slowdown of certain projects. Net loss improved significantly by 81.037% from SAR 22.94 million to SAR 4.35 million, primarily driven by reduced cost of sales and lower operating expenses. The subsidiary SLF's revenue contribution helped offset some operational challenges during the quarter.
Other Items
The auditors issued an unmodified conclusion with material uncertainty related to going concern, noting that accumulated losses of SAR 85.28 million exceeded 50% of the company's share capital at 56.85%. The Group's ability to continue operations depends on completing a planned rights issue, which received Capital Market Authority approval on April 2, 2026. Total impairment provisions on property, plant and equipment and goodwill reached SAR 85.53 million, including SAR 80.23 million recorded in 2024 and an additional SAR 5.3 million provision at the end of 2025. The Board of Directors will call an Extraordinary General Assembly no later than September 29, 2026 to approve the capital increase recommendation, and the company confirms compliance with Capital Market Authority procedures for listed companies whose accumulated losses exceed 20% of share capital.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95283&anCat=1&cs=2360&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.