Dubai, UAE — East Pipes Integrated posted a net profit of SAR 99.9 million ($26.63 million) for the fiscal year ended March 31, 2023, compared to a loss of SAR 3.2 million the previous year.
The company said in a Tadawul filing that the growth in net profit was driven by a 141 percent year-on-year (YoY) surge in revenue to SAR 1.4 billion, as pipe and coating sales volumes increased by 80 percent and 142 percent YoY, respectively.
While the company reported a net profit of SAR47.5 million in the third quarter of last year, against a net loss of SAR18.84 million a year before on higher sales volume, the profit dropped in the last quarter by 22.3 percent.
Gross profit surged 462 percent YoY to SAR 156 million, on higher sales volumes and a strong recovery in demand.
The company’s board also announced that SAR31.50 million in dividends was distributed to the company’s shareholders.