The share of the Saudi Group Five Group for pipes listed and traded in the Saudi market increased by 2.59%, during trading today, Wednesday, to trade at the price of 37.65 riyals per share, after the annual profit jump.
The trading on the share of the Saudi Five Group for IVF at that time, through 11.46 thousand shares with a value of trading 448.56 thousand riyals.
The highest price for the share at that time was at 41 riyals during the session, while the lowest price for the share was at 37 riyals.
The price of the share of the Saudi Pipe Pipe Group, after announcing the annual financial results of the company, which showed a leap in net profits by 311% during the year 2024.
The company explained that it achieved a net profit of 38.5 million riyals in the financial year ending, on December 31, 2024, compared to 9.4 million riyals in 2023.
The company attributed the increase in profits to improving the average selling prices and low production costs, which improved profit margins.
The annual financial results of the company also showed an increase in revenue to 976.6 million riyals during the year 2024, compared to 455.3 million riyals in 2023, with a significant growth of 114.48%, driven by increasing sales volume and the rise in the average selling prices per ton.
In a separate statement, the company announced the recommendation of its board of directors to distribute cash dividends to shareholders for the fiscal year 2024, with a total of 14 million riyals, at 0.5 riyals per share.
“Group Five” indicated that the date of the right will be for the shareholders who are owned by the company’s shares at the end of the next General Assembly, which will be announced later, and the traveled in the shareholders’ record with the Securities Deposit Center Company (deposit).
