Saudi Arabia’s Group Five Pipe reported a 5pct drop in net profit to SAR 9.2 mln (USD 2.44 mln) for H1 2024, according to a stock exchange filing. The decline was attributed to increased financing costs.
The company’s revenues rose to SAR 376 mln (USD 100.1 mln) in the first half of 2024, up from SAR 311 mln in the same period of 2023, marking a 20.7pct increase. This growth was driven by higher sales volumes and average selling prices per ton.
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 
