Financial Results : SSP makes SAR 147M profit in 9M 2025, SAR 26M in Q3 

SSP makes SAR 147M profit in 9M 2025, SAR 26M in Q3 

30/10/2025 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 147 million for the first nine months of 2025, a decline from SAR 158 million in the year-ago period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 1,368.00 1,031.00 (24.6 %)
Gross Income 330.00 246.00 (25.5 %)
Operating Income 257.00 178.00 (30.7 %)
Net Income 157.98 147.00 (7.0 %)
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyals) 3.43 1.83 (46.6 %)
EPS (Riyal) 3.10 2.88 (7.0 %)

Gross profit decreased to SAR 246 million in 9M 2025 from SAR 330 million in 9M 2024, mainly as a result of the decrease in volumes and mix of products sold.

 

The above negative effect was partially offset by land settlement compensation amounting to SAR 54 million recorded in 9M 2025. Additionally, other income increased to SAR 13 million in 9M 2025 from SAR 2 million in 9M 2024.

 

Zakat and income tax expenses decreased to SAR 12 million in 9M 2025 from SAR 18 million in 9M 2024. SSP recorded positive earnings before interest, tax, depreciation, and amortization (EBITDA) of SAR 240 million in 9M 2025, compared to SAR 311 million in 9M 2024.

 

Further, SSP recorded a positive free cash flow of SAR 138 million in the nine-month period (which excludes the aggregate lands settlement amount) compared to SAR 90 million a year earlier.

 

Net debt decreased to SAR 217 million as at the end of 9M 2025 from SAR 264 million a year before, despite the total dividends distributed in 9M 2025 amounting to SAR 200 million.

 


Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 381.00 241.00 (36.7 %)
Gross Income 118.00 57.00 (51.7 %)
Operating Income 80.00 46.00 (42.5 %)
Net Income 50.11 26.00 (48.1 %)
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyal) 1.32 0.51 (61.2 %)
EPS (Riyal) 0.98 0.51 (48.1 %)

The third-quarter net profit dropped 48.1% to SAR 26 million, from SAR 50.11 million in Q3 2024.

 

Sequentially, the three-month bottom line fell 63.3% from SAR 70.83 million in Q2 2025.

 

Shareholders’ equity, after minority interest, stood at SAR 810 million by the end of Sept. 30, 2025, compared to SAR 842 million in the year-earlier period.

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