Financial Results : Arabian Pipes profit up to SAR 54.8M in Q1 2024

Arabian Pipes profit up to SAR 54.8M in Q1 2024

12/05/2024 Argaam Exclusive

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Arabian Pipes Co. reported a net profit of SAR 54.8 million in Q1 2024, an increase from SAR 11.5 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 214.68 308.75 43.8 %
Gross Income 28.67 95.26 232.2 %
Operating Income 13.92 64.22 361.4 %
Net Income 11.50 54.79 376.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 0.77 3.65 376.5 %

Revenue increased to SAR 308.74 million for the first quarter of 2024 from SAR 214.68 million for Q1 2023 as a result of higher sales volume.

 

Gross profit increased to SAR 95.26 million in Q1 2024 from SAR 28.67 million in Q1 2023 driven by the rise in sales volume, primarily attributed to the efficiency of production and supply during the first quarter. Additionally, the company has continued to improve production costs and financial expenses.

 

Compared to Q4 2023, the first-quarter net profit grew 34.7% from SAR 40.69 million.

 

Shareholders’ equity, no minority interest, rose to SAR 287.9 million as of March 31, 2024, from SAR 112.8 million a year earlier.

 

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