Financial Results : Saudi Steel Pipe 9M 2024 profit rises to SAR 158M; Q3 at SAR 50M

Saudi Steel Pipe 9M 2024 profit rises to SAR 158M; Q3 at SAR 50M

07/11/2024 Argaam Exclusive

View other reports

Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 158 million for the first nine months of 2024, a 36% increase year-on-year (YoY) from SAR 116 million in a year earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 845.74 1,368.00 61.8 %
Gross Income 179.98 330.00 83.4 %
Operating Income 128.80 257.00 99.5 %
Net Income 115.89 158.00 36.3 %
Average Shares 51.00 51.00 -
EPS (Riyals) 2.27 3.10 36.3 %

Revenue increased to SAR 1.36 billion in 9M 2024 from SAR 846 million in 9M 2023 due to the rise in volume mainly on consolidating the results of Global Pipe Co. (GPC) for the full period in 9M 2024 compared to consolidating its results from May 17, 2023, in 9M 2023.

 

Gross profit increased to SAR 330 million from SAR 180 million in 9M 2023, along with improved efficiency and product mix.

 

The positive effect was partially offset by the recognition of a bargain purchase gain amounting to SAR 40 million in 9M 2023 as a result of acquiring an additional 22.27% interest in GPC.

 

Meanwhile, selling, marketing and distribution expenses increased to SAR 39 million in 9M 2024 from SAR 22 million in 9M 2023 mainly due to consolidating the results of GPC for the full period in 9M 2024.

 

Furthermore, administrative expenses increased to SAR 37 million in 9M 2024 from SAR 27 million in 9M 2023 mainly due to consolidating the results of GPC for the full period in 9M 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 317.47 381.00 20.0 %
Gross Income 63.54 118.00 85.7 %
Operating Income 47.34 80.00 69.0 %
Net Income 24.96 50.00 100.3 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.49 0.98 100.3 %

In Q3 2024, net profit doubled to SAR 50 million from SAR 24.96 in Q3 2023.

 

Sequentially, Q3 net profit fell 3.8% from SAR 52 million in Q2 2024.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 842 million as of Sept. 30, 2024, up from SAR 666.4 million in the prior-year period.

 

Attached Documents

 

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.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

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

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
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.