The net profits of East Pipes Integrated Company (1321) surged dramatically during the fiscal year ending on March 31, 2024, increasing by 167.7% year-on-year.
This resulted in a profit of 267.5 million riyals, marking the highest profitability in its history.
Pipes
East Pipes credits its annual profit increase to the “continuous rise” in average selling prices, along with a decline in production costs per ton.
So What
One of the region’s key manufacturers of welded steel pipes using thermal arc welding technology, recorded sales worth 1.5 billion riyals during the fiscal year ending in March, compared to 1.4 billion riyals in the same period in 2023.
This was mainly due to the rise in the average selling price per ton.
Some Context
Earnings per share rose during the fiscal year ending in March to 8.49 riyals, compared to 3.17 riyals in the previous year.
Now What
The Board of Directors recommended distributing cash dividends to shareholders for the previous fiscal year, amounting to approximately 47.2 million riyals, or 1.5 riyals per share.
