Riyadh – Mubasher: Saudi Steel Pipe Company posted a 1,166% year-on-year (YoY) increase in net profit to SAR 76 million in the first quarter (Q1) of 2024 from SAR 6 million.
Revenues soared 208.38% YoY to SAR 515 million in Q1-24 from SAR 167 million, according to the interim financial results.
The earnings per share (EPS) recorded SAR 1.11 in the three-month period that ended on 31 March 2024, up from 0.13 SAR in the corresponding period of 2023.
Quarter-on-quarter (QoQ), the company’s net profit declined by 11.62% in Q1-24 from SAR 86 million in the previous quarter, while revenues increased by 5.31% QoQ from SAR 489 million.
Saudi Steel Pipe experienced a 301.85% YoY increase in net profits to SAR 217 million in 2023 from SAR 54 million.
