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.
| 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 | 10.00 | 10.00 | - |
| EPS (Riyals) | 1.15 | 5.48 | 376.5 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 302.67 | 308.75 | 2.0 % |
| Gross Income | 68.92 | 95.26 | 38.2 % |
| Operating Income | 48.89 | 64.22 | 31.3 % |
| Net Income | 40.69 | 54.79 | 34.7 % |
| Average Shares | 10.00 | 10.00 | - |
| EPS (Riyals) | 4.07 | 5.48 | 34.7 % |
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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