Riyadh – Mubasher: Arabian Pipes Company on Sunday reported a 23% surge in its profits during the full-year 2017, compared to the year before.

The Saudi Arabia-based firm’s net profits amounted to SAR 5.3 million last year, up from SAR 4.3 million in 2016, according to a bourse statement.

Arabian Pipes’ operating profits levelled up 16.3% to SAR 25.9 million during 2017 versus SAR 22.3 million in the prior year.

The Saudi pipes company attributed the growth of annual net profits to a rise in sales, in addition to a decrease in sales and distribution expenses.

Arabian Pipes’ sales surged 53% to SAR 560 million during 2017, compared to SAR 365 million in the previous year.

By 10:37 am KSA time, the stock shed 0.73% to SAR 13.54.