East Pipes’ net profit jumps 40% to SAR 88M in 9M 2023/24; Q3 at SAR 85.7M

01/02/2024 Argaam Exclusive

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East Pipes Integrated Co. reported a net profit of SAR 88 million in the nine months ended Dec. 31, 2023, 40% growth compared to SAR 63 million a year ago.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	996.35	821.42	(17.6 %)
Gross Income	100.77	137.74	36.7 %
Operating Income	86.67	119.72	38.1 %
Net Income	62.98	87.95	39.6 %
Average Shares	31.50	31.50	-
EPS (Riyals)	2.00	2.79	39.6 %

This profit increase was propelled by the higher average selling price per metric ton despite lower revenue falling to SAR 821 million during the period compared to SAR 996 million a year earlier.

Q3 2023/2024 profit surged over 80% year-on-year (YoY) to SAR 85.7 million due to higher average selling price per ton and increased sales volumes.

On a sequential basis, net earnings increased by more than four-fold from SAR 20.79 million in Q2 2023/2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	487.25	552.30	13.4 %
Gross Income	68.43	110.95	62.1 %
Operating Income	61.47	103.76	68.8 %
Net Income	47.52	85.72	80.4 %
Average Shares	31.50	31.50	-
EPS (Riyals)	1.51	2.72	80.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	230.27	552.30	139.9 %
Gross Income	33.11	110.95	235.1 %
Operating Income	27.37	103.76	279.1 %
Net Income	20.79	85.72	312.2 %
Average Shares	31.50	31.50	-
EPS (Riyals)	0.66	2.72	312.2 %

Shareholders’ equity, no minority interest, stood at SAR 672.72 million by Dec. 31, 2023, compared to SAR 578.53 million in the prior-year period.

Attached file:

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