Saudi Arabia’s Group Five Pipe posted a significant surge in net profit, reaching SAR 38.5 mln (USD 10.2 mln) in 2024, compared to SAR 9.37 mln in the previous year, according to a stock exchange filing.
Revenues more than doubled, climbing to SAR 976.5 mln (USD 260.2 mln) in 2024 from SAR 455 mln in 2023.
The company attributed its strong performance to higher sales volumes, increased average selling prices, and lower production costs.
Group Five Pipe Saudi Co. is one of the major spiral pipe suppliers in the Middle East region. The company has five pipe production lines with an annual capacity of 500,000 tons.
1 USD / 3.75 SAR