Financial Results : SSP H1 2025 profit rises to SAR 121M; Q2 at SAR 71M on land settlement

SSP H1 2025 profit rises to SAR 121M; Q2 at SAR 71M on land settlement

31/07/2025 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 121 million for the first half of 2025, a 12.2% increase year-on-year (YoY) from SAR 107.9 million in a year earlier period.


Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 987.34 790.32 (20.0 %)
Gross Income 212.05 188.29 (11.2 %)
Operating Income 175.47 126.15 (28.1 %)
Net Income 107.87 121.06 12.2 %
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyals) 2.12 1.32 (37.5 %)
EPS (Riyal) 2.12 2.37 12.2 %

SSP cited profit growth during the current period to recognition of compensation from a land settlement amounting to SAR 54 million.

 

It also reported an increase in other income to SAR 5 million in H1 2025, compared to SAR 2 million in H1 2024.

 

The Saudi-listed firm posted a decrease in financing costs (FCs) to SAR 17 million in H1 2025 from SAR 19 million in H1 2024, primarily due to a reduction in borrowings.

 

This was despite a decline in revenues to SAR 790 million in H1 2025 on lower sales volumes.

 

SSP recorded a positive EBITDA of SAR 173 million in H1 2025, compared to SAR 211 million in H1 2024.

 

It witnessed an increase in selling, marketing, and distribution expenses to SAR 36 million in H1 2025, primarily due to one-off costs recorded in H1 2025.

 

In addition, it reported a decline in gross profit to SAR 188 million in H1 2025 from SAR 212 million in H1 2024, due to lower sales volumes and changes in the sales mix.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 472.40 336.40 (28.8 %)
Gross Income 105.22 79.33 (24.6 %)
Operating Income 86.86 51.25 (41.0 %)
Net Income 51.76 70.83 36.8 %
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyal) 1.01 0.34 (66.8 %)
EPS (Riyal) 1.01 1.39 36.8 %

In Q2 2025, net profit jumped 37.2% to SAR 71 million from SAR 51.76 in Q2 2024.

 

Sequentially, Q2 net profit rose 41.3% from SAR 50.23 million in Q1 2025.

 

Total shareholders’ equity, excluding minority interest, retreated to SAR 784 million as of June 30, 2025, from SAR 792 million in the prior-year period.

 

On April 29, SSP reached a settlement with the sellers of three land plots located in Dammam. The settlement included the cancellation and nullification of the land purchase transaction, with the sellers refunding the amount paid by SSP for the purchase, in addition to compensation for damages, bringing the total cash amount to SAR 211 million.

 

The settlement also released SSP from any claims related to the land or its ownership deeds, as the sellers assumed all rights and liabilities.

 

It is worth noting that the mentioned land plots were not part of the company’s production facilities.

 

Attached Document:

 

 

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