Riyadh – Arabian Pipes Company swung to net profits amounting to SAR 91.40 million in the first nine months (9M) of 2023, compared to a net loss of SAR 7.50 million in the same period of 2022.

The company’s revenues surged by 153.19% year-on-year (YoY) to SAR 774 million during January-September 2023 when compared with SAR 305.70 million in 9M-22, according to the interim financial results.

The listed entity registered earnings per share (EPS) worth SAR 9.14 in 9M-23, against a loss per share of SAR 0.75 in 9M-22.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the Saudi firm posted net profits after Zakat and tax of SAR 44.80 million, posting a leap of 352.52% YoY from SAR 9.90 million.

The revenues rose by 59.12% to SAR 279.10 million in Q3-23, compared to SAR 175.40 million in the same quarter of the previous year.

On a quarterly basis, the Q3-23 profits grew by 34.94% from SAR 33.20 million in Q2-23, while the revenues increased by 5.32% from SAR 265 million.

In the first half (H1) of 2023, Arabian Pipes reported net profits after Zakat and tax of SAR 46.60 million, with revenues of SAR 495 million and EPS of SAR 4.66.

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