East Pipes Integrated Co. reported a net profit of SAR 71.2 million for the first quarter ended June 30, 2024, against a net loss of SAR 18.6 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 38.85 | 364.42 | 838.1 % |
| Gross Income | (6.32) | 86.42 | 1467.1 % |
| Operating Income | (11.92) | 86.79 | 828.0 % |
| Net Income | (18.56) | 71.24 | 483.8 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | (0.59) | 2.26 | 483.8 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 721.75 | 364.42 | (49.5 %) |
| Gross Income | 212.82 | 86.42 | (59.4 %) |
| Operating Income | 205.41 | 86.79 | (57.7 %) |
| Net Income | 179.56 | 71.24 | (60.3 %) |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 5.70 | 2.26 | (60.3 %) |
The positive results were driven by a surge in revenue to SAR 364 million in the three-month period, from SAR 39 million in Q1 2023/24, thanks to better average selling prices and sales volumes.
On a quarterly basis, the company’s net earnings fell by 60.3% from SAR 179.56 million, hurt by a drop in revenue to SAR 364 million in Q1 2024/25, from SAR 722 million in the year-earlier period.
Shareholders’ equity, no minority interest, rose to SAR 923.10 million as of June 30, 2024, from SAR 597.18 million a year earlier.
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