‎“Arabian Pipes” reports net profit of SR9 mln during 2022‎

Arabian Pipes Company recorded a net profit after zakat and tax during the year ending on December 31, 2022, at 8.9 million riyals, compared to a loss of 60.1 million riyals last year. This came after today’s announcement of the annual financial results ending on 12-31-2022 .

The operational profit amounted to 10.9 million riyals during the year ending on December 31, 2022, compared to a loss of 47.8 million riyals in the previous year.

The total shareholders’ equity “without minority rights” amounted to 115 million riyals in the current year, compared to 105.7 million riyals in the previous year, an increase of 8.8%.

Earnings per share in the current year reached 0.9 riyals, compared to a loss of 6.01 riyals in the previous year.

– The reason for the increase in profit for the year 2022 AD compared to a loss for the year 2021 AD is due to:

1- The increase in the company’s sales for the year 2022 AD, by an estimated rate of about 37%, amounting to about 531.6 million riyals, compared to 388.6 million riyals for the year 2021 AD, and the reason is due to:

– Starting production and delivery of new projects, which were awarded to the company during the last period

– The continuity and stability of production during the last period and the improvement of supply schedules

2- An increase in the gross profit margin percentage for the year 2022 compared to 2021 AD, as it reached 9.1% compared to 4.1%