SSP posts SAR 82M profit for H1 2026; Q2 at SAR 30M

06/08/2026 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 82.2 million for the first half of 2026, down 32.2% year-on-year (YoY) from SAR 121.1 million in the same period of 2025.

 


Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 790.32 691.57 (12.5 %)
Gross Income 188.70 181.60 (3.8 %)
Operating Income 127.18 133.06 4.6 %
Net Income 121.06 82.19 (32.1 %)
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyals) 1.26 1.61 28.0 %
EPS (Riyal) 2.37 1.61 (32.1 %)

The company said the decline in earnings was mainly due to revenue falling to SAR 692 million in H1 2026 from SAR 790 million a year earlier, driven by lower sales volumes, as well as the recognition of expected credit loss provisions.

 

The earnings decline came despite lower selling, marketing and distribution expenses in H1 2026 compared with H1 2025, mainly due to the absence of non-recurring costs recorded in H1 2025, as well as lower finance costs following a reduction in borrowings. The company also recorded SAR 54 million in land settlement compensation in H1 2025.

 

Despite higher capital expenditures, SSP generated positive free cash flow of SAR 206 million in H1 2026, compared with SAR 211 million in H1 2025, ending the period with net cash of SAR 175 million, compared with net debt of SAR 141 million a year earlier, supported by profitability and effective cash flow management.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 336.40 306.26 (9.0 %)
Gross Income 79.53 72.85 (8.4 %)
Operating Income 51.77 46.23 (10.7 %)
Net Income 70.83 29.85 (57.9 %)
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyal) 0.34 0.59 73.6 %
EPS (Riyal) 1.39 0.59 (57.9 %)

Second-quarter net profit fell 57.7% YoY to SAR 30 million from SAR 71 million in Q2 2025. The decline was mainly attributable to revenue falling to SAR 306 million in Q2 2026 from SAR 336 million a year earlier due to an unfavorable sales mix, as well as the recognition of expected credit loss provisions.

 

Results were also affected by the SAR 54 million land settlement compensation recorded in Q2 2025, despite lower selling, marketing and distribution expenses in Q2 2026, mainly due to the non-recurring costs recorded in Q2 2025.

SSP generated positive free cash flow of SAR 205 million in Q2 2026, compared with SAR 1 million in Q2 2025, and reported net cash of SAR 175 million as of the end of the quarter, compared with net debt of SAR 141 million a year earlier, supported by profitability and effective cash flow management.

 

Sequentially, Q2 2026 net profit fell 42.3% from SAR 52 million in Q1 2026, mainly due to revenue falling to SAR 306 million from SAR 385 million in Q1 2026, primarily due to lower sales volumes, along with higher expected credit loss provisions, despite lower selling, marketing and distribution expenses during the quarter.

 

SSP generated positive free cash flow of SAR 205 million in Q2 2026, compared with SAR 1 million in Q1 2026. Consequently, the company reported net cash of SAR 175 million as of the end of Q2 2026, compared with net debt of SAR 29 million at the end of Q1 2026.

 

Total shareholders’ equity, excluding minority interest, rose to SAR 897 million as of June 30, 2026, from SAR 784 million in the same period of the previous year.

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Share Price

Saudi Steel Pipe Co.
56.75
(0.10) (0.18 %)

Saudi Steel Pipe Co. (SSP)

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Financial Ratios
Current
Market Cap (M Riyal) 2,894.25
Enterprise Value (EV) (M Riyal) 3,064.43
Shares Outstanding ((M)) 51.00
Recurring EPS ( Riyal) (TTM) 2.99
Book Value (BV) ( Riyal) 17.59
Par Value ( Riyal) 10.00
Recurring P/E (TTM) 18.96
P/E (TTM) 18.96
Price/book 3.23
Dividend Yield (%) (Last Year) 1.32
Return on Average Assets (%) (TTM) 9.5
Return on Average Equity (%) (TTM) 18.2
EV/adj EBITDA 9.18
EV/Revenues 2.33
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