East Pipes Profits Grow by 167.7% to 267.5 Million Riyals for Fiscal Year Ending March 31, 2024

East Pipes Company for Industry recorded a net profit of 267.5 million riyals during the financial year ending on March 31, 2024, compared to 100 million riyals last year, an increase of 167.7%. Operating profit reached 324 million riyals for the year ending March 31, 2024, compared to 133 million riyals last year, an increase of 143.5%. Earnings per share for the fiscal year ending on March 31, 2024, were 8.49 riyals, compared to 3.17 riyals last year.

East Pipes recorded revenue of 1.5 billion riyals in FY2023-24, compared to 1.4 billion riyals in FY2022-23. This increase is mainly due to the rise in average sales prices per ton. The company recorded a net profit of 268 million riyals in FY2023-24, compared to 100 million riyals in FY2022-23, as a result of sustained higher average sales prices and a decrease in the cost of production per ton.