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.
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.
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 % |
Item | Q3 2022 | Q4 2022 | Change |
---|---|---|---|
Revenues | 204.78 | 146.94 | (28.2 %) |
Gross Income | 30.36 | 20.57 | (32.3 %) |
Operating Income | 20.33 | 9.55 | (53.0 %) |
Net Income | 16.79 | 11.14 | (33.7 %) |
Average Shares | 51.00 | 51.00 | - |
EPS (Riyals) | 0.33 | 0.22 | (33.7 %) |
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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