East Pipes profit up at SAR 267.5M in FY 2023/24; Q4 at SAR 179.6M

26/05/2024 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit of SAR 267.5 million for the fiscal year ended March 31, 2024, an increase from SAR 99.9 million in the prior-year period.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,438.65	1,543.17	7.3 %
Gross Income	155.80	350.56	125.0 %
Operating Income	133.04	324.01	143.6 %
Net Income	99.92	267.51	167.7 %
Average Shares	31.50	31.50	-
EPS (Riyals)	3.17	8.49	167.7 %

The profit rise was attributed to higher revenues, driven primarily by an increase in the average selling price per ton and a decrease in production costs per ton.

Meanwhile, the net profit soared to SAR 179.6 million in Q4 2023/24, compared to SAR 39.94 million in the same period a year earlier.

Sequentially, net profit jumped 109.5% from SAR 85.72 million in Q3 2023/24.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	442.29	721.75	63.2 %
Gross Income	55.03	212.82	286.7 %
Operating Income	46.37	204.29	340.6 %
Net Income	36.94	179.56	386.1 %
Average Shares	31.50	31.50	-
EPS (Riyals)	1.17	5.70	386.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	552.30	721.75	30.7 %
Gross Income	110.95	212.82	91.8 %
Operating Income	103.76	204.29	96.9 %
Net Income	85.72	179.56	109.5 %
Average Shares	31.50	31.50	-
EPS (Riyals)	2.72	5.70	109.5 %

Shareholders’ equity, no minority interest, rose to SAR 851.91 million as of March 31, 2024, from SAR 615.44 million a year earlier.

Attached Document:

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