Saudi Steel Pipe profit up 5% to SAR 181M in 2024; Q4 at SAR 23M

20/02/2025 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) reported a net profit after minority interest of SAR 181 million for 2024, a 5% rise year-on-year (YoY) from SAR 173 million.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,334.71	1,630.00	22.1 %
Gross Income	283.35	399.00	40.8 %
Operating Income	225.00	307.00	36.4 %
Net Income	173.05	181.00	4.6 %
Average Shares	51.00	51.00	-
Earnings Per Share before unusual items (Riyals)	2.79	3.55	27.1 %
EPS (Riyals)	3.39	3.55	4.6 %

The full-year net earnings before minority interest stood at SAR 250 million, compared to SAR 217 million in 2023.

SSP reported a 22.1% YoY increase in the full-year revenue to SAR 1.63 billion, thanks to improved sales volumes and the consolidation of Global Pipe Co. (GPC) for year 2024.

Gross profit jumped 40.8% YoY to SAR 399 million on higher sales volumes, better sales mix and cost efficiency.

Earnings before interest, taxes, depreciation and amortization (EBITDA) hit SAR 386 million in 2024, up from SAR 282 million a year earlier. Meanwhile, SSP recorded a negative free cash flow (FCF) of SAR 5 million in 2024 against a positive FCF of SAR 308 million a year earlier, due to increased working capital.

The company’s net debt increased to SAR 363 million, from SAR 319 million in 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	488.97	261.89	(46.4 %)
Gross Income	103.37	69.03	(33.2 %)
Operating Income	91.44	49.71	(45.6 %)
Net Income	57.16	23.02	(59.7 %)
Average Shares	51.00	51.00	-
Earnings Per Share before unusual items (Riyals)	1.12	0.45	(59.7 %)
EPS (Riyals)	1.12	0.45	(59.7 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	380.77	261.89	(31.2 %)
Gross Income	117.92	69.03	(41.5 %)
Operating Income	79.97	49.71	(37.8 %)
Net Income	50.11	23.02	(54.1 %)
Average Shares	51.00	51.00	-
Earnings Per Share before unusual items (Riyals)	0.98	0.45	(54.1 %)
EPS (Riyals)	0.98	0.45	(54.1 %)

The fourth-quarter net profit dipped 60% to SAR 23 million, from SAR 57.1 million in Q4 2023.

The pipe manufacturer’s Q4 net profit also fell by 54.1% from SAR 50.1 million in Q3 2024.

Total shareholders’ equity, excluding minority interest, came in at SAR 862 million as of Dec. 31, 2024, up from SAR 722 million a year earlier.

Attached Documents

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Quarterly Actuals vs Estimates 19/02/202520/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
ETIHAD ETISALAT	696.16	979.56	40.7 %
YC	106.82	123.12	15.3 %
ASTRA INDUSTRIAL	155.24	131.44	(15.3 %)
SSP	63.50	23.02	(63.8 %)
SAUDI KAYAN	(325.32)	(760.51)	(133.8 %)

Company	Estimated	Actual	Change
ETIHAD ETISALAT	696.16	979.56	40.7 %
YC	106.82	123.12	15.3 %

Company	Estimated	Actual	Change
SAUDI KAYAN	(325.32)	(760.51)	(133.8 %)
SSP	63.50	23.02	(63.8 %)
ASTRA INDUSTRIAL	155.24	131.44	(15.3 %)

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