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

02/11/2023 Argaam Exclusive

View other reports

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.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×