India's Jindal SAW on Tuesday reported an over twofold growth in its third-quarter profit, as demand in the Middle East and North Africa (MENA) region remained steady and its order book grew.The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago.The company, which makes pipes for the energy, transportation and water sectors, said its order book for iron & steel pipes rose to $1.49 billion from $1.32 billion a year ago. "Higher exports, improved volumes and range-bound raw material prices have contributed towards margin improvement," the company said in a statement.Exports accounted for over 35% of its order book, which analysts said helped offset the effect of falling domestic steel prices, as global prices remained elevated.Its UAE-based unit recorded an order book of $135 million. Jindal SAW's international clients include companies like Shell , Saudi Aramco, and Schaeffler Group "We expect the business scenario to remain positive in the coming quarters despite the volatile geopolitical situation in the MENA and GCC ( Gulf Cooperation Council ) region." it said.Sales of pipes jumped 15%, while production rose 19%, the company said.Its revenue from operations jumped nearly 10% to 56.56 billion rupees, while its raw material costs dropped 5%.Shares of the company jumped 2.9% to hit a record high after results.

Source: The North Africa Journal January 16, 2024 15:13 UTC