Saudi Steel Pipe posts profit spike to SAR 54.2 mln in 2022; Q4 at SAR 11.1 mln

16/02/2023 Argaam Exclusive

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Saudi Steel Pipe Co.
73.50
1.10 1.52 %

Saudi Steel Pipe Co. (SSP)

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Saudi Steel Pipe Co.’s (SSP) net profit after Zakat and tax skyrocketed to SAR 54.2 million in 2022, from SAR 930,000 in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 373.49 747.62 100.2 %
Gross Income 27.34 107.16 292.0 %
Operating Income (8.60) 66.84 876.8 %
Net Income 0.93 54.21 5716.1 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.02 1.06 5716.1 %

Gross profit rose to SAR 107.16 million in 2022 from SAR 27.33 million a year earlier, mainly on better sales volume, improved efficiency and mix of products sold.

 

SSP’s profit share from the affiliate, Global Pipe Co. stood at SAR 9.17 million in 2022 against a loss of SAR 5.23 million in 2021.

 

Administrative expenses decreased to SAR 23.20 million in 2022 from SAR 27.47 million in 2021, due to the reduction in service indemnity costs.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 109.62 146.94 34.1 %
Gross Income 12.57 20.57 63.6 %
Operating Income 4.07 9.55 134.5 %
Net Income 1.57 11.14 609.9 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.03 0.22 609.9 %

In Q4 2022, net profit after Zakat and tax surged to SAR 11.1 million, from SAR 1.57 million in the year-earlier period.

 

The fourth-quarter net profit fell 33.6% from SAR 16.79 million in Q3 2022.

 

Total shareholders' equity, no minority interest, reached SAR 550.52 million as of Dec. 31, 2022, up from SAR 495.2 million a year earlier.

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