Group Five H1 2024 profit down 5% to SAR 9.2M

11/08/2024 Argaam Exclusive

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Group Five Pipe Saudi Co. reported a 5% decline in net profit to SAR 9.2 million in the first half of 2024, compared to SAR 9.7 million a year earlier due to higher financing costs.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	311.48	375.93	20.7 %
Gross Income	30.42	39.89	31.1 %
Operating Income	22.37	28.32	26.6 %
Net Income	9.68	9.21	(4.9 %)
Average Shares	28.00	28.00	-
EPS (Riyals)	0.35	0.33	(4.9 %)

The company’s revenue jumped by 20.7% year-on-year (YoY) to SAR 376 million in the six-month period, driven by improved sales volumes and average selling prices per ton.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	311.48	375.93	20.7 %
Gross Income	30.42	39.89	31.1 %
Operating Income	22.37	28.32	26.6 %
Net Income	9.68	9.21	(4.9 %)
Average Shares	28.00	28.00	-
EPS (Riyals)	0.35	0.33	(4.9 %)

Item	H2 2023	H1 2024	Change‬
Revenues	143.82	375.93	161.4 %
Gross Income	26.99	39.89	47.8 %
Operating Income	18.03	28.32	57.1 %
Net Income	(0.31)	9.21	3108.7 %
Average Shares	28.00	28.00	-
EPS (Riyals)	(0.01)	0.33	3108.7 %

Shareholders’ equity, no minority interest, reached SAR 333.28 million by the end of the first half of 2024, up from SAR 322.95 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings Per Share (SAR)
H1 2020	352.84	30.07	1.07
H2 2020	563.32	53.54	1.92
H1 2021	477.82	28.83	1.03
H2 2021	163.28	6.29	0.22
H1 2022	58.40	(18.73)	(0.67)
H2 2022	172.14	(5.65)	(0.20)
H1 2023	311.484	9.68	0.35
H2 2023	143.824	(0.31)	(0.01)
H1 2024	375.93	9.21	0.33

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