Reported Earnings • Jun 02
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ر.س18.20 (up from ر.س12.13 in FY 2025). Revenue: ر.س2.30b (up 25% from FY 2025). Net income: ر.س573.3m (up 50% from FY 2025). Profit margin: 25% (up from 21% in FY 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 88%. Earnings per share (EPS) exceeded analyst estimates by 37%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Metals and Mining industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 46% per year. Upcoming Dividend • May 28
Upcoming dividend of ر.س4.00 per share Eligible shareholders must have bought the stock before 04 June 2026. Payment date: 08 June 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Saudi dividend payers (6.0%). Lower than average of industry peers (2.6%). Buy Or Sell Opportunity • Apr 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to ر.س177. The fair value is estimated to be ر.س146, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 56%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 3.6% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س164, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Metals and Mining industry in Asia. Total returns to shareholders of 242% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س152 per share. New Risk • Feb 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 04
Third quarter 2026 earnings released: EPS: ر.س5.08 (vs ر.س3.57 in 3Q 2025) Third quarter 2026 results: EPS: ر.س5.08 (up from ر.س3.57 in 3Q 2025). Revenue: ر.س640.7m (up 21% from 3Q 2025). Net income: ر.س160.0m (up 42% from 3Q 2025). Profit margin: 25% (up from 21% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Metals and Mining industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س151, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س141 per share. Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: ر.س5.03 (vs ر.س3.58 in 2Q 2025) Second quarter 2026 results: EPS: ر.س5.03 (up from ر.س3.58 in 2Q 2025). Revenue: ر.س570.9m (up 5.7% from 2Q 2025). Net income: ر.س158.6m (up 41% from 2Q 2025). Profit margin: 28% (up from 21% in 2Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Metals and Mining industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 02
Upcoming dividend of ر.س2.50 per share Eligible shareholders must have bought the stock before 07 August 2025. Payment date: 26 August 2025. Payout ratio is a comfortable 31% and the cash payout ratio is 85%. Trailing yield: 4.6%. Lower than top quartile of Saudi dividend payers (5.3%). Higher than average of industry peers (2.9%). Declared Dividend • Jul 18
Final dividend of ر.س2.50 announced Shareholders will receive a dividend of ر.س2.50. Ex-date: 7th August 2025 Payment date: 26th August 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 124% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 63% to shift the payout ratio to a potentially unsustainable range, which is more than the 10% EPS decline seen over the last 5 years. Announcement • Jul 17
East Pipes Integrated Company for Industry, Annual General Meeting, Aug 06, 2025 East Pipes Integrated Company for Industry, Annual General Meeting, Aug 06, 2025, at 18:30 Arab Standard Time. Location: dammam Saudi Arabia Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س123, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 22x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 198% over the past three years. New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 29
Full year 2025 earnings released: EPS: ر.س12.13 (vs ر.س8.49 in FY 2024) Full year 2025 results: EPS: ر.س12.13 (up from ر.س8.49 in FY 2024). Revenue: ر.س1.83b (up 19% from FY 2024). Net income: ر.س382.1m (up 43% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. New Risk • Feb 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ر.س3.57 (vs ر.س2.72 in 3Q 2024) Third quarter 2025 results: EPS: ر.س3.57 (up from ر.س2.72 in 3Q 2024). Revenue: ر.س527.9m (down 4.4% from 3Q 2024). Net income: ر.س112.4m (up 31% from 3Q 2024). Profit margin: 21% (up from 16% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س161, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 33x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 81% over the past year. Upcoming Dividend • Dec 26
Upcoming dividend of ر.س1.50 per share Eligible shareholders must have bought the stock before 02 January 2025. Payment date: 21 January 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Saudi dividend payers (4.8%). Lower than average of industry peers (1.8%). Reported Earnings • Nov 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ر.س540.2m (up 135% from 2Q 2024). Net income: ر.س112.8m (up 443% from 2Q 2024). Profit margin: 21% (up from 9.0% in 2Q 2024). The increase in margin was driven by higher revenue. Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: ر.س2.26 (vs ر.س0.59 loss in 1Q 2024) First quarter 2025 results: EPS: ر.س2.26 (up from ر.س0.59 loss in 1Q 2024). Revenue: ر.س364.4m (up ر.س325.6m from 1Q 2024). Net income: ر.س71.2m (up ر.س89.8m from 1Q 2024). Profit margin: 20% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Announcement • Jul 12
East Pipes Integrated Company for Industry, Annual General Meeting, Aug 05, 2024 East Pipes Integrated Company for Industry, Annual General Meeting, Aug 05, 2024, at 18:30 Egypt Standard Time. Location: dammam Egypt Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ر.س8.49 (vs ر.س3.17 in FY 2023) Full year 2024 results: EPS: ر.س8.49 (up from ر.س3.17 in FY 2023). Revenue: ر.س1.54b (up 7.3% from FY 2023). Net income: ر.س267.5m (up 168% from FY 2023). Profit margin: 17% (up from 6.9% in FY 2023). The increase in margin was primarily driven by higher revenue. Announcement • May 28
East Pipes Integrated Company for Industry Announces the Board of Director’s Recommendation to Distribute Cash Dividends for Fiscal Year 2024 East Pipes Integrated Company for Industry announced the board of director's recommendation to the general assembly to distribute cash dividends for fiscal year 2024. The Total amount distributed SAR 47,250,000 million. Dividend per share is SAR 1.5 per share. The eligibility of the dividends shall be for the shareholders who own the shares registered in the company's shareholder register in EDAA center, at the end of the second trading day after the date in which the Company's General Assembly is convened, which will be announced later. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س171, the stock trades at a trailing P/E ratio of 43.2x. Average trailing P/E is 118x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 206% over the past year. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ر.س122, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 41x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 144% over the past year. New Risk • Mar 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.8% average weekly change). High level of non-cash earnings (41% accrual ratio). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ر.س148, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 39x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 231% over the past year. New Risk • Feb 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (41% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س108, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 39x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 122% over the past year. New Risk • Jan 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.3% average weekly change). New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ر.س0.66 (vs ر.س0.29 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.66 (up from ر.س0.29 in 2Q 2023). Revenue: ر.س230.3m (down 24% from 2Q 2023). Net income: ر.س20.8m (up 125% from 2Q 2023). Profit margin: 9.0% (up from 3.0% in 2Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Aug 09
First quarter 2024 earnings released: ر.س0.59 loss per share (vs ر.س0.20 profit in 1Q 2023) First quarter 2024 results: ر.س0.59 loss per share (down from ر.س0.20 profit in 1Q 2023). Revenue: ر.س38.8m (down 81% from 1Q 2023). Net loss: ر.س18.6m (down 398% from profit in 1Q 2023). Reported Earnings • Jun 07
Full year 2023 earnings released: EPS: ر.س3.17 (vs ر.س0.10 loss in FY 2022) Full year 2023 results: EPS: ر.س3.17 (up from ر.س0.10 loss in FY 2022). Revenue: ر.س1.44b (up 141% from FY 2022). Net income: ر.س99.9m (up ر.س103.2m from FY 2022). Profit margin: 6.9% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س66.60, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 26x in the Metals and Mining industry in Saudi Arabia. Total returns to shareholders of 30% over the past year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Khalid Ibrahim Al-Rabiah was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Second quarter 2023 earnings released Second quarter 2023 results: EPS: ر.س0.29. Net income: ر.س9.22m (up ر.س9.22m from 2Q 2022). Announcement • Oct 21
East Pipes Integrated Company for Industry Announces Resignation of Mohammed Abdulrahman Abdullah Al-Othman from the Board of Directors East Pipes Integrated Company for Industry announced resignation of Mr. Mohammed Abdulrahman Abdullah Al-Othman from the membership of the Board of Directors (Non-Executive Member). The effective date of resignation is October 20, 2022. Announcement • Sep 10
East Pipes Integrated Company for Industry, Annual General Meeting, Sep 29, 2022 East Pipes Integrated Company for Industry, Annual General Meeting, Sep 29, 2022, at 19:30 Arabian Standard Time. Board Change • Jul 30
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Khalid Ibrahim Al-Rabiah was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 29
East Pipes Integrated Company for Industry Announces Resignation and Appointment Audit Committee Member East Pipes Integrated Company for Industry announces the decision of the Board of Directors during meeting on July 28, 2022. Acceptance of the resignation submitted by a member of the Audit Committee, (from outside the Board), Mr. Rupak Ranjan Ghosh, for personal reasons, and the resignation shall take effect from the date of July 28, 2022. The Board of Directors also approved the recommendation of the Nomination and Remuneration Committee to appoint Mr. Viswanathan Hariharan Kollengode, as a member of the Audit Committee (Board Member - Non-Executive). The appointment date will be July 28, 2022. To complete duration of current committee term and the nomination of Mr. Viswanathan Hariharan Kollengode, for the next General Assembly for membership of the Audit Committee. Reported Earnings • Jun 03
Full year 2022 earnings released Full year 2022 results: Net loss: ر.س3.25m (down 102% from profit in FY 2021). Announcement • May 26
East Pipes Integrated Company for Industry Announces the Resignation of the Chairman and Board Member East Pipes Integrated Company for Industry announced the resignation of the following: Chairman of the Board, Mr. Omar Mohammed-Nabil Almidani (Non-Executive Member) from the chairmanship and membership of the Board of Directors, and the appointment of the current Board Member, Mr. Vipul Shiv Sahai Mathur (Non-Executive Member) as Chairman of the Board of Directors. Mr. Balkrishan Gopiram Goenka (Non-Executive Member) from the position of Vice Chairman and member of the board of directors and the appointment of the current Board Member Mr. Ahmed Mubarak Mohammed Al-Debasi (Independent Member) as Vice-Chairman. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Khalid Ibrahim Al-Rabiah was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Khalid Ibrahim Al-Rabiah was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
