Riyadh – Mubasher: Arabian Pipes Company on Monday said that its net profits surged 49.6% year-on-year in the third quarter of 2017.

Net profits reached SAR 6.64 million in Q3-17, compared to SAR 4.44 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits jumped 112.8%.

Saudi Arabia-based pipes firm attributed the growth in its year-on-year net profits to achieving higher sales.

The company’s net profits went up 55.5% to SAR 7.26 million from January until September 2017, from SAR 4.67 million in the corresponding period in the year before.

The stock grew 6.38%, closing at SAR 12 on Monday.