Saudi Steel Pipe profit up 5% to SAR 181M in 2024; Q4 at SAR 23M

Saudi Steel Pipe Co. (SSP) reported a net profit after minority interest of SAR 181 million for 2024, a 5% rise year-on-year (YoY) from SAR 173 million.

The full-year net earnings before minority interest stood at SAR 250 million, compared to SAR 217 million in 2023.

SSP reported a 22.1% YoY increase in the full-year revenue to SAR 1.63 billion, thanks to improved sales volumes and the consolidation of Global Pipe Co. (GPC) for year 2024.

Gross profit jumped 40.8% YoY to SAR 399 million on higher sales volumes, better sales mix and cost efficiency.

Earnings before interest, taxes, depreciation and amortization (EBITDA) hit SAR 386 million in 2024, up from SAR 282 million a year earlier. Meanwhile, SSP recorded a negative free cash flow (FCF) of SAR 5 million in 2024 against a positive FCF of SAR 308 million a year earlier, due to increased working capital.

The company’s net debt increased to SAR 363 million, from SAR 319 million in 2023.

The fourth-quarter net profit dipped 60% to SAR 23 million, from SAR 57.1 million in Q4 2023.

The pipe manufacturer’s Q4 net profit also fell by 54.1% from SAR 50.1 million in Q3 2024.

Total shareholders’ equity, excluding minority interest, came in at SAR 862 million as of Dec. 31, 2024, up from SAR 722 million a year earlier.

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