Saudi Steel Pipe logs 1,166% profit surge in Q1-24

Revenues soared 208.38% YoY to SAR 515 million in Q1-24 from SAR 167 million, according to the interim financial results

Staff Writer, Mubasher

April 28, 2024

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Saudi Steel Pipe Company posted a 1,166% year-on-year (YoY) increase in net profit to SAR 76 million in the first quarter (Q1) of 2024 from SAR 6 million.

Revenues soared 208.38% YoY to SAR 515 million in Q1-24 from SAR 167 million, according to the interim financial results.

The earnings per share (EPS) recorded SAR 1.11 in the three-month period that ended on 31 March 2024, up from 0.13 SAR in the corresponding period of 2023.

Quarter-on-quarter (QoQ), the company’s net profit declined by 11.62% in Q1-24 from SAR 86 million in the previous quarter, while revenues increased by 5.31% QoQ from SAR 489 million.

Saudi Steel Pipe experienced a 301.85% YoY increase in net profits to SAR 217 million in 2023 from SAR 54 million.

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