Group Five’s Profits Skyrocket 311% to SAR 38 Million in 2024

Group Five Pipe Saudi Co. reported a massive 311% surge in net profit, reaching SAR 38 million for the year 2024, compared to SAR 9.4 million in 2023. This comes after the announcement of the company’s annual financial results for the period ending December 31, 2024.

Operating profit soared 113% to SAR 87 million, up from SAR 41 million in the previous year.

Total shareholders’ equity (excluding non-controlling interests) grew 12% to SAR 362 million, compared to SAR 324 million in 2023.

Earnings per share (EPS) rose to SAR 1.38, up from SAR 0.33 in 2023.

The company attributed its strong performance to a significant increase in sales volume and a higher average selling price per ton, with total revenues doubling to SAR 976 million in 2024, compared to SAR 455 million in the previous year.