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

07/11/2024 Argaam Exclusive

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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	846.00	1,368.00	61.7 %
Gross Income	180.00	330.00	83.3 %
Operating Income	134.00	257.00	91.8 %
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	317.00	381.00	20.2 %
Gross Income	64.00	118.00	84.4 %
Operating Income	53.00	80.00	50.9 %
Net Income	24.96	50.00	100.3 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.49	0.98	100.3 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	472.00	381.00	(19.3 %)
Gross Income	105.00	118.00	12.4 %
Operating Income	87.00	80.00	(8.0 %)
Net Income	52.00	50.00	(3.8 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	1.02	0.98	(3.8 %)

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.

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Quarterly Actuals vs Estimates 07/11/202407/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SPCC	43.67	53.00	21.4 %
FAKEEH CARE	80.43	93.59	16.4 %
SSP	48.70	50.00	2.7 %
BUDGET SAUDI	84.87	71.70	(15.5 %)
BINDAWOOD	43.37	35.00	(19.3 %)
SACO	(4.20)	(8.98)	(113.8 %)

Company	Estimated	Actual	Change
SACO	(4.20)	(8.98)	(113.8 %)
BINDAWOOD	43.37	35.00	(19.3 %)
BUDGET SAUDI	84.87	71.70	(15.5 %)

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