Financial Results : Saudi Steel Pipe posts SAR 173.1M profit in 2023; Q4 at SAR 57.2M

Saudi Steel Pipe posts SAR 173.1M profit in 2023; Q4 at SAR 57.2M

25/02/2024 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) reported a net profit after minority interest of SAR 173.1 million for 2023, compared to SAR 54.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 747.62 1,334.71 78.5 %
Gross Income 107.16 283.35 164.4 %
Operating Income 66.84 215.01 221.7 %
Net Income 54.21 173.05 219.2 %
Average Shares 51.00 51.00 -
EPS (Riyals) 1.06 3.39 219.2 %

Revenue rose to SAR 1.33 billion in 2023 from SAR 748 million in 2022 on higher volumes. This boost was attributed to the consolidation of post-acquisition results from Global Pipe Company (GPC), as SSP increased its total ownership in GPC to 57.27%.

 

Gross profit grew to SAR 283 million in 2023 from SAR 107 million in 2022, driven by an improved mix of products sold. Additionally, SSP recognized a bargain purchase gain of SAR 40 million last year by acquiring an additional 22.27% stake in GPC.

 

Other income increased to SAR 10 million in 2023 from SAR 3 million in 2022, mainly due to consolidating GPC’s post-acquisition results.

 

Additionally, Zakat and tax expenses decreased to SAR 7 million last year from SAR 10 million a year before.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 146.94 488.97 232.8 %
Gross Income 20.57 103.37 402.6 %
Operating Income 9.55 86.21 802.4 %
Net Income 11.14 57.16 413.2 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.22 1.12 413.2 %

Q4 2023 net earnings reached SAR 57.2 million, compared to SAR 11 million in the prior-year period.

 

On a sequential basis, Q4 net profit surged 129% from SAR 24.96 million in Q3 2023.

 

Shareholders’ equity, after minority interest, amounted to SAR 722 million by Dec. 31, 2023, compared to SAR 551 million in a year-earlier period.

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