Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 131.7 million for the first nine months of 2023, nearly a three-fold increase year-on-year (YoY) from SAR 43.1 million in a year earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 600.68 | 845.74 | 40.8 % |
| Gross Income | 86.59 | 179.98 | 107.8 % |
| Operating Income | 57.29 | 128.80 | 124.8 % |
| Net Income | 43.07 | 115.89 | 169.1 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.84 | 2.27 | 169.1 % |
Gross profit increased to SAR 179.98 million in 9M 2023 from SAR 86.59 million in 9M 2022, as a result of the increase in volumes mainly due to consolidating the results of GPC after SSP increased its total ownership in GPC to 57.27%.
The company also recorded bargain purchase gains amounting to SAR 40.33 million in 9M 2023 as a result of acquiring an additional 22.27% ownership in GPC, which increased SSP’s total ownership interest to 57.27%.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 204.78 | 317.47 | 55.0 % |
| Gross Income | 30.36 | 63.54 | 109.3 % |
| Operating Income | 20.33 | 47.34 | 132.8 % |
| Net Income | 16.79 | 24.96 | 48.6 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.33 | 0.49 | 48.6 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 361.38 | 317.47 | (12.2 %) |
| Gross Income | 92.58 | 63.54 | (31.4 %) |
| Operating Income | 74.94 | 47.34 | (36.8 %) |
| Net Income | 84.56 | 24.96 | (70.5 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 1.66 | 0.49 | (70.5 %) |
Q3 2023 net earnings surged 125.8% YoY to SAR 37.9 million.
On a quarterly basis, net profit decreased 56.6% from SAR 87.45 million.
Total shareholders’ equity, no minority interest, stood at SAR 666.4 million as of Sept. 30, 2023, compared to SAR 538.27 million in the prior-year period.
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