Saudi Steel Pipes reports 71% profit growth in Q3 2024, driven by higher sales and operational efficiency

Saudi Steel Pipes Company (Saudi Pipes) posted a 71% increase in net profit for Q3 2024, reaching SAR 65 million (USD 17.305.405) compared to Q3 2023. However, on a quarterly basis, profit dropped by 9.7% from SAR 72 million (USD19.169.064)  in the previous quarter.

In a statement, the company attributed the profit growth to an increase in gross profit, which rose from SAR 64 million to SAR 118 million (USD 31.415.966)year-over-year due to higher sales volume, improved operational efficiency, and reduced financing costs. Quarterly revenues also grew by 20%, reaching SAR 381 million  (USD 101.436.297) .

For the first nine months of 2024, Saudi Pipes reported a net profit of SAR 213 million (USD 56.708.481) , up 61% year-over-year, with revenues rising by 61.7% to SAR 1.36 billion (USD 362.082.320). This growth was largely driven by the full-year consolidation of Al-Alamiya Pipes and Global Pipes in 2024.

SAR1.000=USD 266,24