Saudi Steel Pipe turns to SAR 900,000 profit in 2021; Q4 earnings at SAR 1.5 mln

17/02/2022 Argaam Exclusive

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Saudi Steel Pipe Co. swung to a net profit after Zakat and tax of SAR 900,000 in 2021 against a net loss of SAR 34.5 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	474.90	373.49	(21.4 %)
Gross Income	19.14	27.34	42.8 %
Operating Income	(32.85)	(8.60)	73.8 %
Net Income	(34.48)	0.93	102.7 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.68)	0.02	102.7 %

The steel pipe producer attributed the positive performance to a profit of SAR 18.92 million from discontinued operations, as a result of the gain recorded on the sale of the main operating assets of its wholly-owned subsidiary, Titanium Steel & Manufacturing Co. Ltd.

Administrative expenses decreased to SAR 27.47 million. Gross profit increased to SAR 27.33 million in 2021. Other income stood at SAR 3.19 million in 2021, while other expenses reached SAR 340,000. Moreover, the company recorded positive EBITDA and free cash flow of SAR 39.61 million and SAR 55.20 million, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	154.73	109.62	(29.2 %)
Gross Income	8.11	12.57	55.0 %
Operating Income	(0.01)	4.07	81580.0 %
Net Income	0.74	1.57	112.6 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.01	0.03	112.6 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	83.32	109.62	31.6 %
Gross Income	7.58	12.57	65.8 %
Operating Income	(1.41)	4.07	388.5 %
Net Income	15.92	1.57	(90.1 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.31	0.03	(90.1 %)

In Q4 2021, net profit after Zakat and tax more than doubled to SAR 1.5 million, compared to SAR 740,000 in the year-ago period.

Shareholders’ equity, excluding minority interest, rose marginally to SAR 495.2 million in 2021, from SAR 493.2 million a year earlier.

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