Saudi Pipes’ profits jump 71% to 65 million riyals in Q3

10 November 2024
1:00 pm
Steel News

The net profit of the Saudi Steel Pipes Company “Saudi Pipes” increased by 71% in the third quarter of 2024 to 65 million riyals, from 38 million riyals in the corresponding quarter of 2023.

On a quarterly basis, the company’s profits decreased during the third quarter of this year by 9.7% compared to a net profit of 72 million riyals in the second quarter of the same year.

The company said in a statement to the Saudi Stock Exchange that the increase in net profits in the third quarter is due to the increase in gross profit to 118 million riyals in the third quarter of 2024 from 64 million riyals in the third quarter of 2023, as a result of the increase in sales volume, improved efficiency and sales mix, and a decrease in financing expenses to 9 million riyals in the third quarter of 2024 from 14 million riyals in the corresponding quarter of last year due to a decrease in loans.

The company’s quarterly revenues increased to SAR 381 million for the third quarter of 2024 compared to SAR 317 million for the third quarter of 2023, which is mainly due to the increase in sales volume.

As for the company’s results in the first nine months of this year, its profits increased by 61.36% to SAR 213 million compared to SAR 132 million in the corresponding period last year, as a result of the increase in gross profit due to the increase in sales volume, which is mainly due to the unification of the results of Al-Alamiya Pipes for the entire nine-month period of 2024 compared to the unification of its results from May 17, 2023 for the nine-month period of 2023, as well as the improvement in efficiency and sales mix.

Revenues increased by 61.7% to SAR 1.36 billion for the nine-month period of fiscal year 2024 from SAR 846 million for the nine-month period of fiscal year 2023, due to the increase in sales volume, which is mainly due to the consolidation of Global Pipes’ results for the entire nine-month period of fiscal year 2024 compared to the consolidation of its results from May 17, 2023 for the nine-month period of fiscal year 2023.