Arabian Pipes Co (APC), a Riyadh-based pipemaker, reported substantial growth in its first-quarter 2023 financials, driven by project deliveries throughout the period. The company successfully reduced expenses and payables while boosting retained earnings.
In Q1 2023, APC's revenue surged by 43.8% year-on-year and 2% quarter-on-quarter to reach SAR 308 million ($82.3 million). Gross profit saw a remarkable 232.2% year-on-year jump to SAR 95.2 million. Furthermore, the company's net profit skyrocketed by 376.8% year-on-year in Q1 2023 to SAR 54.8 million, reflecting the strong performance and project execution during the quarter.
The significant increases in revenue and profitability underscore APC's successful efforts in capitalizing on project opportunities and optimizing its operations, positioning the company for continued growth in the Saudi Arabian market.
