Riyadh - Mubasher: Group Five Saudi Pipes Company 's annual financial results revealed a 311 % jump in 2024 net profits.

The company announced in a statement on the Saudi Stock Exchange (Tadawul) today, Wednesday, that it achieved a net profit of 38.5 million riyals during the fiscal year ending December 31, 2024, compared to 9.4 million riyals in 2023 .

The company said the increase in net profits was a result of improved average selling prices and lower production costs, which had a positive impact on profit margins .

The company's annual financial results showed that revenues rose to SAR 976.6 million in 2024, compared to SAR 455.3 million in the previous year, a significant growth of 114.48%, driven by increased sales volume and higher average selling prices per ton .

In a separate statement on Tadawul, the company announced its board of directors' recommendation to distribute cash dividends to shareholders for fiscal year 2024, totaling SAR 14 million, at SAR 0.5 per share.

Group Five stated that the eligibility date will be for shareholders who own the company’s shares by the end of the day of the next general assembly meeting – the date of which will be announced later – and who are registered in the shareholders’ register at the Securities Depository Center Company (Edaa) .