East Pipes Integrated Co. reported a net profit of SAR 88 million in the nine months ended Dec. 31, 2023, 40% growth compared to SAR 63 million a year ago.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 996.35 | 821.42 | (17.6 %) |
| Gross Income | 100.77 | 137.74 | 36.7 % |
| Operating Income | 86.67 | 119.72 | 38.1 % |
| Net Income | 62.98 | 87.95 | 39.6 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 2.00 | 2.79 | 39.6 % |
This profit increase was propelled by the higher average selling price per metric ton despite lower revenue falling to SAR 821 million during the period compared to SAR 996 million a year earlier.
Q3 2023/2024 profit surged over 80% year-on-year (YoY) to SAR 85.7 million due to higher average selling price per ton and increased sales volumes.
On a sequential basis, net earnings increased by more than four-fold from SAR 20.79 million in Q2 2023/2024.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 487.25 | 552.30 | 13.4 % |
| Gross Income | 68.43 | 110.95 | 62.1 % |
| Operating Income | 61.47 | 103.76 | 68.8 % |
| Net Income | 47.52 | 85.72 | 80.4 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 1.51 | 2.72 | 80.4 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 230.27 | 552.30 | 139.9 % |
| Gross Income | 33.11 | 110.95 | 235.1 % |
| Operating Income | 27.37 | 103.76 | 279.1 % |
| Net Income | 20.79 | 85.72 | 312.2 % |
| Average Shares | 31.50 | 31.50 | - |
| EPS (Riyals) | 0.66 | 2.72 | 312.2 % |
Shareholders’ equity, no minority interest, stood at SAR 672.72 million by Dec. 31, 2023, compared to SAR 578.53 million in the prior-year period.
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