Financial Results : Saudi Steel Pipe’s profit down 9% to SAR 69M in Q1 2025

Saudi Steel Pipe’s profit down 9% to SAR 69M in Q1 2025

01/05/2025 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) posted a net profit decline of 9% to SAR 69 million, before minority interest, in Q1 2025, from SAR 76 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 514.94 453.92 (11.8 %)
Gross Income 106.83 108.96 2.0 %
Operating Income 88.61 74.90 (15.5 %)
Net Income 56.11 50.23 (10.5 %)
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyal) 1.10 0.98 (10.5 %)
EPS (Riyal) 1.10 0.98 (10.5 %)

Revenue declined to SAR 454 million in Q1 2025 from SAR 515 million in Q1 2024 on lower sales volume. Selling, marketing and distribution expenses increased to SAR 21 million in Q1 2025 from SAR 6 million a year earlier due to non-periodic charges recorded in the current period.

 

SSP recorded a positive free cash flow of SAR 210 million in Q1 2025 compared to a negative free cash flow of SAR 33 million in Q1 2024. Net debt decreased to SAR 155 million from SAR 350 million in the same period last year.

 

Meanwhile, other income and gross profit increased. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 101 million in Q1 2025, compared to SAR 106 million in Q1 2024.

 

The pipe manufacturer reported a leap of 81.6% in net profit from SAR 38 million in Q4 2024.

 

Shareholders’ equity, after minority interest, amounted to SAR 913 million by March 31, 2025, compared to SAR 778 million a year earlier.

 

Attached Documents

 

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