Arabian Pipes reports profit of SAR 111.8M in H1 2024; Q2 at SAR 57.1M

29/07/2024 Argaam Exclusive

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Arabian Pipes Co. reported a net profit of SAR 111.8 million in H1 2024, marking a jump of 96% from SAR 56.9 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	532.96	651.82	22.3 %
Gross Income	99.44	180.51	81.5 %
Operating Income	70.52	130.35	84.8 %
Net Income	56.94	111.83	96.4 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.80	7.46	96.4 %

Revenues increased to SAR 651.82 million compared to SAR 532.96 million in H1 2023 on higher sales volume.

Gross profit grew to SAR 180.51 million in H1 2024 from SAR 99.44 million in the same period of 2023 on efficiency of production and supply. Additionally, the company continued to improve production costs.

Net profit rose to SAR 57.1 million in Q2 2024, leaping 26% from SAR 45.45 million in Q2 2023 due to the increase in sales volume and gross profit, attributed mainly to the efficiency of production and supply during the second quarter, as well as the company’s continued improvement in production costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	318.28	343.07	7.8 %
Gross Income	70.77	85.25	20.5 %
Operating Income	56.60	66.13	16.8 %
Net Income	45.45	57.05	25.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.03	3.80	25.5 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	308.75	343.07	11.1 %
Gross Income	95.26	85.25	(10.5 %)
Operating Income	64.22	66.13	3.0 %
Net Income	54.79	57.05	4.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.65	3.80	4.1 %

On a quarterly basis, net earnings rose 4.1% from SAR 54.79 million in Q1 2024.

Shareholders’ equity, no minority interest, reached SAR 344.95 million by June 30, 2024, compared to SAR 158.26 million a year earlier.

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