Arabian Pipes reports profit of SAR 111.8M in H1 2024; Q2 at SAR 57.1M

29/07/2024 Argaam Exclusive

Arabian Pipes Co. reported a net profit of SAR 111.8 million in H1 2024, marking a jump of 96% from SAR 56.9 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 532.96 651.82 22.3 %
Gross Income 99.44 180.51 81.5 %
Operating Income 70.52 130.35 84.8 %
Net Income 56.94 111.83 96.4 %
Average Shares 15.00 15.00 -
EPS (Riyals) 3.80 7.46 96.4 %

Revenues increased to SAR 651.82 million compared to SAR 532.96 million in H1 2023 on higher sales volume.

 

Gross profit grew to SAR 180.51 million in H1 2024 from SAR 99.44 million in the same period of 2023 on efficiency of production and supply. Additionally, the company continued to improve production costs.

 

Net profit rose to SAR 57.1 million in Q2 2024, leaping 26% from SAR 45.45 million in Q2 2023 due to the increase in sales volume and gross profit, attributed mainly to the efficiency of production and supply during the second quarter, as well as the company’s continued improvement in production costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 318.28 343.07 7.8 %
Gross Income 70.77 85.25 20.5 %
Operating Income 56.60 66.13 16.8 %
Net Income 45.45 57.05 25.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 3.03 3.80 25.5 %

On a quarterly basis, net earnings rose 4.1% from SAR 54.79 million in Q1 2024.    

 

Shareholders’ equity, no minority interest, reached SAR 344.95 million by June 30, 2024, compared to SAR 158.26 million a year earlier.

 

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Share Price

Arabian Pipes Co.
114.40
4.40 4.00 %

Arabian Pipes Co. (APC)

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Financial Ratios
Current
Market Cap (M Riyal) 1,716.00
Enterprise Value (EV) (M) 2,080.24
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 13.09
Book Value (BV) ( Riyal) 25.92
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.61
P/E (TTM) 8.74
Price/book 4.41
Return on Average Assets (%) (TTM) 21.8
Return on Average Equity (%) (TTM) 67.3
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