Saudi Steel Pipe Co. (SSP) turned to a net profit after Zakat and tax of SAR 14.5 million in Q1 2022 against a net loss after Zakat and tax of SAR 8.5 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 92.08 | 184.08 | 99.9 % |
| Gross Income | 2.35 | 28.96 | 1130.6 % |
| Operating Income | (6.15) | 19.12 | 411.1 % |
| Net Income | (8.48) | 14.53 | 271.4 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (0.17) | 0.28 | 271.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 109.62 | 184.08 | 67.9 % |
| Gross Income | 12.57 | 28.96 | 130.3 % |
| Operating Income | 4.07 | 19.12 | 369.4 % |
| Net Income | 1.57 | 14.53 | 826.0 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.03 | 0.28 | 826.0 % |
The first-quarter net profit was driven by an increase in gross profit to SAR 28.96 million from SAR 2.35 million in Q1 2021. The company reported lower loss share from its affiliate, Global Pipe Co., to SAR 120,000 in Q1 2022 from SAR 2.99 million a year earlier.
Moreover, administrative expenses decreased to SAR 5.59 million from SAR 7 million in Q1 2021. EBITDA came in at SAR 30.66 million, compared to SAR 5.13 million in Q1 2021.
The pipe manufacturer’s net profit after Zakat and tax skyrocketed from SAR 1.57 million in Q4 2021, thanks to improved gross profit amid higher sales volumes and better sales mix.
Shareholders’ equity, excluding minority interest, grew by 5.1% to SAR 509.73 million in the three-month period, from SAR 484.71 million a year earlier.
Accumulated losses reached SAR 45.84 million in Q1 2022, accounting for 8.99% of the company’s capital.
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