Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 6.4 million for the three months ended March 31, 2023, a decline of 56% from SAR 14.5 million in the year earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 184.08 | 166.89 | (9.3 %) |
| Gross Income | 28.96 | 23.86 | (17.6 %) |
| Operating Income | 19.12 | 6.52 | (65.9 %) |
| Net Income | 14.53 | 6.37 | (56.1 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.28 | 0.12 | (56.1 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 146.94 | 166.89 | 13.6 % |
| Gross Income | 20.57 | 23.86 | 16.0 % |
| Operating Income | 9.55 | 6.52 | (31.7 %) |
| Net Income | 11.14 | 6.37 | (42.8 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.22 | 0.12 | (42.8 %) |
This was driven by a year-on-year (YoY) drop in gross profit to SAR 23.86 million on lower sales volumes. The company also cited higher selling, marketing and distribution expenses and increased debt provisions.
The negative changes were partially offset by the company’s profit share in an affiliate, Global Pipe Co., amounting to SAR 3.74 million in Q1 2023 compared to a loss share of SAR 0.12 million in Q1 2022.
On a sequential basis, net profit retreated 42.8% from SAR 11.14 million.
Total shareholders’ equity, no minority interest, stood at SAR 556.89 million by the end of Q1 2023, compared to SAR 509.73 million in the prior-year period.
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