Three major steel pipe manufacturers listed on the Saudi Stock Exchange (TASI) — East Pipes, Saudi Steel Pipe Co. (SSP), and Arabian Pipes — have disclosed their financial results for 2024. The data shows East Pipes leading in profitability, while SSP and Arabian Pipes also demonstrated strong performances.
East Pipes reported a net profit of SAR 296.5 million (USD 79.1 million) as of December 2024, bringing its total 12-month earnings to SAR 476 million (USD 127 million). The company recorded annual revenue of SAR 2.15 billion (USD 573 million), earnings per share (EPS) of SAR 15.11 (USD 4.03), and a book value of SAR 33.32 (USD 8.89). Additionally, with a net debt of -SAR 67.8 million (USD -18.1 million), East Pipes was the only company in the sector to hold a net cash position.
SSP and Arabian Pipes also reported stable growth throughout the year. SSP posted SAR 1.63 billion (USD 435 million) in revenue and SAR 181 million (USD 48.3 million) in net profit, with an EPS of SAR 3.55 (USD 0.95). Meanwhile, Arabian Pipes generated SAR 1.14 billion (USD 304 million) in revenue and SAR 171 million (USD 45.6 million) in net profit. Its adjusted EPS stood at SAR 11.40 (USD 3.04), while its book value reached SAR 26.8 (USD 7.15).
In terms of price-to-earnings (P/E) ratios, East Pipes stood at 9.58x, Arabian Pipes at 10.68x, and SSP at 18.34x. These figures reflect investor sentiment, with East Pipes emerging as an attractive option due to its lower P/E ratio.
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