Financial Results : East Pipes turns to profit of SAR 71.2M in Q1 2024/25

East Pipes turns to profit of SAR 71.2M in Q1 2024/25

31/07/2024 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 38.85 364.42 838.1 %
Gross Income (6.32) 86.42 1467.1 %
Operating Income (11.42) 86.79 860.2 %
Net Income (18.56) 71.24 483.8 %
Average Shares 31.50 31.50 -
EPS (Riyals) (0.59) 2.26 483.8 %

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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