Group Five turns to profit of SAR 9.7 mln in H1 2023

06/08/2023 Argaam Exclusive

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Group Five Pipe Saudi Co. reported a net profit of SAR 9.7 million in H1 2023, against a loss of SAR 18.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	58.40	311.48	433.4 %
Gross Income	(7.11)	30.42	528.1 %
Operating Income	(13.13)	22.37	270.3 %
Net Income	(18.73)	9.68	151.7 %
Average Shares	28.00	28.00	-
EPS (Riyals)	(0.67)	0.35	151.7 %

The profit was driven by increased number and size of the implemented projects in addition to the stability of raw material prices.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	58.40	311.48	433.4 %
Gross Income	(7.11)	30.42	528.1 %
Operating Income	(13.13)	22.37	270.3 %
Net Income	(18.73)	9.68	151.7 %
Average Shares	28.00	28.00	-
EPS (Riyals)	(0.67)	0.35	151.7 %

Item	H2 2022	H1 2023	Change‬
Revenues	172.14	311.48	80.9 %
Gross Income	9.27	30.42	228.0 %
Operating Income	3.28	22.37	582.2 %
Net Income	(5.65)	9.68	271.5 %
Average Shares	28.00	28.00	-
EPS (Riyals)	(0.20)	0.35	271.5 %

Shareholders’ equity, no minority interest, stood at SAR 322.95 million as of June 30, 2023, from SAR 315.74 million a year earlier.

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