Saudi Steel Pipe turns to profit of SAR 43.1 mln in 9M 2022; Q3 profit at SAR 16.8 mln

06/11/2022 Argaam Exclusive

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Saudi Steel Pipe Co. swung to a net profit after Zakat and tax of SAR 43.1 million in the first nine months of 2022, against a net loss of SAR 640,000 in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	263.87	600.68	127.6 %
Gross Income	14.76	86.59	486.7 %
Operating Income	(12.68)	57.29	551.8 %
Net Income	(0.64)	43.07	6850.3 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.01)	0.84	6850.3 %

The steel pipe manufacturer attributed the profit growth to higher gross profit, in addition to a share of profit in its subsidiary, Global Pipe Co., amounting to SAR 2.82 million in Q3 2022, compared to a share of loss amounting to SAR 0.29 million in Q2 2022.

In Q3 2022, net profit after Zakat and tax grew by 6% to SAR 16.8 million, from SAR 15.9 million in Q3 2021, mainly due to higher gross profit.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	83.32	204.78	145.8 %
Gross Income	7.58	30.36	300.4 %
Operating Income	(1.41)	20.33	1539.8 %
Net Income	15.92	16.79	5.5 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.31	0.33	5.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	211.82	204.78	(3.3 %)
Gross Income	27.28	30.36	11.3 %
Operating Income	17.83	20.33	14.0 %
Net Income	11.74	16.79	43.0 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.23	0.33	43.0 %

Sequentially, the third-quarter net profit leapt 43% from SAR 11.7 million.

Total shareholders' equity, with no minority interest, reached SAR 538.27 million as of Sept. 30, 2022, compared with SAR 492.55 million a year earlier.

The company's accumulated losses reached SAR 17.3 million at the end of the current period, representing 3.39% of capital.

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