Saudi Steel Pipe 9M profit rises to SAR 131.7 mln; Q3 at SAR 37.9 mln

Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 131.7 million for the first nine months of 2023, nearly a three-fold increase year-on-year (YoY) from SAR 43.1 million in a year earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	600.68	845.74	40.8 %
Gross Income	86.59	179.98	107.8 %
Operating Income	57.29	128.80	124.8 %
Net Income	43.07	115.89	169.1 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.84	2.27	169.1 %

Gross profit increased to SAR 179.98 million in 9M 2023 from SAR 86.59 million in 9M 2022, as a result of the increase in volumes mainly due to consolidating the results of GPC after SSP increased its total ownership in GPC to 57.27%.

The company also recorded bargain purchase gains amounting to SAR 40.33 million in 9M 2023 as a result of acquiring an additional 22.27% ownership in GPC, which increased SSP’s total ownership interest to 57.27%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	204.78	317.47	55.0 %
Gross Income	30.36	63.54	109.3 %
Operating Income	20.33	47.34	132.8 %
Net Income	16.79	24.96	48.6 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.33	0.49	48.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	361.38	317.47	(12.2 %)
Gross Income	92.58	63.54	(31.4 %)
Operating Income	74.94	47.34	(36.8 %)
Net Income	84.56	24.96	(70.5 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	1.66	0.49	(70.5 %)

Q3 2023 net earnings surged 125.8% YoY to SAR 37.9 million.

On a quarterly basis, net profit decreased 56.6% from SAR 87.45 million.

Total shareholders’ equity, no minority interest, stood at SAR 666.4 million as of Sept. 30, 2023, compared to SAR 538.27 million in the prior-year period.

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Share Price

Saudi Steel Pipe Co. (SSP)

	Current
Market Cap (M Riyal)	3,411.90
Enterprise Value (EV) (M)	3,956.71
Shares Outstanding ((M))	51.00
EPS ( Riyal) (TTM)	4.22
Book Value (BV) ( Riyal)	16.51
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	15.85
P/E (TTM)	15.85
Price/book	4.05
Return on Average Assets (%) (TTM)	11.1
Return on Average Equity (%) (TTM)	28.6

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Saudi Steel Pipe 9M profit rises to SAR 131.7 mln; Q3 at SAR 37.9 mln

Financials (M)

Current Quarter Comparison (M)

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Share Price

Saudi Steel Pipe Co. (SSP)

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