Riyadh –  The net profit after Zakat and tax of Saudi Steel Pipe Company soared by 205.87% to SAR 131.74 million in the first nine months (9M) of 2023, compared to SAR 43.07 million in the same period of the previous year.

The earnings per share (EPS) increased to SAR 2.29 in 9M-23 from SAR 0.85 in 9M-22, according to the preliminary financial statements.

The company also recorded a 40.80% growth in revenue to SAR 845.74 million in the period from January to September 2023 when compared with SAR 600.68 million in the same period of 2022.

Financial Results for Q3

In the third quarter (Q3) of 2023, the listed firm achieved a net profit after Zakat and tax of SAR 37.92 million, marking a 125.85% rise from SAR 16.79 million in Q3-22.

The revenues jumped by 55.03% to SAR 317.47 million from July to September 2023, versus SAR 204.78 million in the same period of the prior year.

On a quarterly basis, the net profit in Q3-23 decreased by 56.64% from SAR 87.45 million in Q2-23, while the revenues declined by 12.15% from SAR 361.38 million.

In Q1-23, Saudi Steel Pipes generated SAR 6.37 million worth of net profits in addition to revenues of SAR 166.89 million.

Meanwhile in the January-December 2022 period, the net profit after Zakat and tax of the company amounted to SAR 54.21 million and the revenues reached SAR 747.62 million.

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