East Pipes reports 80.3% surge in profits during Q3 of 2023 to SAR 85.7 million

East Pipes Integrated Company for Industry has disclosed a noteworthy financial performance for the third quarter of 2023, revealing a net profit of SAR 85.7 million. This figure marks a substantial 80.3% increase compared to the SAR 47.5 million reported during the same quarter last year. This was unveiled in Thursday’s announcement of the estimated annual financial results, covering the period ending on December 31, 2023 (9 months).

The operating profit for the third quarter exhibited an impressive growth, reaching SAR 104.6 million. This is a substantial improvement from the SAR 60.6 million reported in the corresponding quarter of the previous year, reflecting a remarkable increase of 72.6%.

During the current reporting period, the net profit stood at SAR 87.9 million, showcasing a 39.7% rise from the SAR 62.9 million reported in the same period the previous year.

Earnings per share for the current period reached SAR 2.79, up from SAR 2 in the preceding period, demonstrating the company’s sustained growth and financial stability.

The company recorded a revenue of SAR 552 million for the third quarter of FY23-24 (“3Q-FY 23-24”), compared to a revenue of SAR 487 million in the similar quarter of FY 22-23 (“3Q-FY 22-23”), This is mainly resulting from the increase in both sales volume and average sales prices per ton.

The company recorded a profit of SAR 86 million for the third quarter of FY23-24 (“3Q-FY 23-24”), compared to a net profit of SAR 48 million in the similar quarter of FY 22-23 (“3Q-FY 22-23”), This is mainly resulting from the increase in both sales volume and average sales prices per ton.

The company reported a revenue of SAR 552 million in 3Q-FY23-24, compared to a revenue of SAR 230 million in 2Q-FY23-24, which is primarily due to the increase of volumetric sales in the current quarter.

The company reported a net profit of SAR 86 million in 3Q-FY23-24, compared to a net profit of SAR 21 million in 2Q-FY23-24, which is primarily due to:

– The increase of volumetric sales in the current quarter

– The cost of raw materials decreased compared to the previous quarter

The company reported a revenue of SAR 821 million in the nine-month period ending 31 December 2023 (“9M-FY 23-24”) versus SAR 996 million for 9M-FY 22-23. This is mainly due to the decrease of volumetric sales.