Riyadh – Mubasher: East Pipes Integrated Company for Industry posted net profits after Zakat and tax of SAR 2.23 million in the first half (H1) of the fiscal year (FY) 2023/2024.
Meanwhile, the net profits in the six months (6M) that ended on 30 September 2023 dropped by 85.56% year-on-year (YoY) from SAR 15.45 million.
Earnings per share fell to SAR 0.07 as of 31 September 2023, compared to SAR 0.49 in the same period of the previous year.
Revenues decreased by 47.14% YoY to SAR 269.11 million in H1-23/24 from SAR 509.10 million.
Financial Results for Q2-23/24
In the second quarter (Q2) that ended on 30 September 2023, East Pipes Integrated recorded a YoY increase of 125.41% in net profit to SAR 20.79 million from SAR 9.22 million.
Revenues declined by 24.02% to SAR 230.26 million in July-September 2023, compared to SAR 303.07 million in Q2 which ended on 30 September 2022.
On a quarterly basis, the company turned to profits in Q2-23/24 from a net loss of SAR 18.56 million in Q1 which ended on 30 June 2023, while the sales surged by 492.76% from SAR 38.84 million.
It is worth noting that the FY of the company starts in April and ends in March of the following year.
In July 2023, East Pipes Integrated secured SAR 1.10 billion in Sharia-aligned working capital financing from Banque Saudi Fransi.
