Saudi Steel Pipe Co. swung to a net profit after Zakat and tax of SAR 43.1 million in the first nine months of 2022, against a net loss of SAR 640,000 in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 263.87 | 600.68 | 127.6 % |
| Gross Income | 14.76 | 86.59 | 486.7 % |
| Operating Income | (12.68) | 57.29 | 551.8 % |
| Net Income | (0.64) | 43.07 | 6850.3 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (0.01) | 0.84 | 6850.3 % |
The steel pipe manufacturer attributed the profit growth to higher gross profit, in addition to a share of profit in its subsidiary, Global Pipe Co., amounting to SAR 2.82 million in Q3 2022, compared to a share of loss amounting to SAR 0.29 million in Q2 2022.
In Q3 2022, net profit after Zakat and tax grew by 6% to SAR 16.8 million, from SAR 15.9 million in Q3 2021, mainly due to higher gross profit.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 83.32 | 204.78 | 145.8 % |
| Gross Income | 7.58 | 30.36 | 300.4 % |
| Operating Income | (1.41) | 20.33 | 1539.8 % |
| Net Income | 15.92 | 16.79 | 5.5 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.31 | 0.33 | 5.5 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 211.82 | 204.78 | (3.3 %) |
| Gross Income | 27.28 | 30.36 | 11.3 % |
| Operating Income | 17.83 | 20.33 | 14.0 % |
| Net Income | 11.74 | 16.79 | 43.0 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.23 | 0.33 | 43.0 % |
Sequentially, the third-quarter net profit leapt 43% from SAR 11.7 million.
Total shareholders' equity, with no minority interest, reached SAR 538.27 million as of Sept. 30, 2022, compared with SAR 492.55 million a year earlier.
The company's accumulated losses reached SAR 17.3 million at the end of the current period, representing 3.39% of capital.
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