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Saudi Vitrified Clay Pipes Co. announces its Interim Financial results for the Period Ending on 2026-03-31 ( Three Months ) | premargin

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

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 increase in revenue during this quarter compared to the same quarter of the previous year is due to the increase in the subsidiary's revenues (SLF) .
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 the increase in sales and the decrease in the cost of sales
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The decrease in revenues during this quarter compared to the previous quarter is due to a decline in demand and the slowdown of certain 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 decrease in net loss during the current quarter compared to the previous quarter is due to the decrease in the cost of sales and operating expenses.
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)	Material Uncertainty Related to Going Concern: We draw attention to Note (2) to the condensed consolidated interim financial statements, which indicates that the Group incurred a net loss of SAR 4.3 million for the three-month period ended March 31, 2026. As of that date, the accumulated losses exceeded 50% of the Company’s share capital. These events and conditions, along with other matters as set forth in Note (2), indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. The Group’s ability to continue its operations is dependent upon the completion of the rights issue, which is expected to be completed. Accordingly, these condensed consolidated interim financial statements have been prepared on a going concern basis. Our conclusion is not modified in respect of this matter.
Reclassification of Comparison Items	No change
Additional Information	The increase in accumulated losses was mainly due to impairment losses recorded on property, plant and equipment related to SVCP during 2024 amounting to SAR 80.23 million, in addition to an additional impairment provision on property, plant and equipment and goodwill related to SVCP amounting to SAR 5.3 million at the end of 2025, bringing total impairment provisions on property, plant and equipment and goodwill to SAR 85.53 million. The Board of Directors had previously issued its recommendation dated 07/08/2024 to increase the Company’s capital through a rights issue, in support of the Company’s growth strategy, which includes diversifying its products through expanding into cement products at the Saudi Land Factory, which has already commenced progressive production and sales since 2024, as well as establishing a high-density plastic products factory, which is expected to commence production during the first half of 2026. This also aims to support the Company’s operational activities and strengthen its financial position. It is noted that the capital increase process is currently underway, and the Company has obtained the approval of the Capital Market Authority on 02/04/2026. With reference to Article 132 of the Companies Law, the Board of Directors will call for an Extraordinary General Assembly no later than 29 September 2026 to approve its recommendation to increase the Company’s capital. The Company confirms that it is applying the procedures and instructions issued by the Capital Market Authority applicable to listed companies whose accumulated losses exceed 20% of their share capital. The Company will comply with any applicable laws or regulations governing such cases.