Riyadh – Mubasher: Arabian Pipes Company shifted to profitability in 2023, recording a net profit of SAR 132.11 million, compared to a net loss of SAR 10.49 million a year earlier.

Revenues surged 124.76% year-on-year (YoY) to SAR 1.07 billion last year from SAR 479.05 million in 2022, according to the annual financial results.

The company reported earnings per share (EPS) of SAR 13.21 in the 12-month period that ended on 31 December 2023, versus a loss per share of SAR 1.05 the year before.

In the first nine months (9M) of 2023, Arabian Pipes recorded a net profit of SAR 91.40 million, against a net loss of SAR 7.50 million in 9M-22.