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Jindal SAW doubles profits on strong demand in Middle East and North Africa

India-based steel giant Jindal SAW more than doubled its profit in the third quarter compared to the previous year, reaching 5.32 billion rupees ($64.1 million), driven by strong demand in the Middle East and North Africa.

Jindal SAW doubles profits on strong demand in Middle East and North Africa

The company has been resilient to fluctuations in domestic steel prices, driven by exports accounting for more than 35% of its order book.

Financial results announced for the quarter ending December 31, 2023, showed consolidated profit after tax more than doubled from the previous year, rising to 5.32 billion rupees ($64.1 million). This increase was mainly due to strong demand in the Middle East and North Africa region and a significant increase in the company's order book.

Jindal SAW, as a company specialized in iron and steel pipes focusing on the energy, transportation and water sectors, has experienced a significant increase in its iron and steel pipe order book. The order book increased to $1.49 billion compared to $1.32 billion the previous year. The company emphasized the positive contribution of increasing exports, rising volumes and stable raw material prices to increasing margins.

Jindal SAW's United Arab Emirates-based unit made a significant contribution by recording an order book of $135 million. Major international clients such as Shell, Saudi Aramco and Schaeffler Group underlined Jindal SAW's global reach.

The company expressed optimism for a positive business scenario in the coming quarters despite geopolitical uncertainties in the region. The strong 15% increase in pipe sales and the 19% increase in production stand out as a reflection of Jindal SAW's successful financial performance. The company's revenue increased by an impressive 10% to 56.56 billion rupees, while at the same time there was a 5% decrease in raw material costs. The company's share value reached a record level with an increase of 2.9% after the announced results.

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