SSP profit grows 4% to SAR 52M in Q1 2026

07/05/2026 Argaam Exclusive

Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 52 million in Q1 2026, a rise of 4% from SAR 50 million in Q1 2025.



Current Quarter Comparison (M)

Compared With The
Item Q1 2025 Q1 2026 Change‬
Revenues 454.00 385.00 (15.2 %)
Gross Income 109.00 109.00 -
Operating Income 81.00 88.00 8.6 %
Net Income 50.00 52.00 4.0 %
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyal) 0.98 1.02 4.0 %
EPS (Riyal) 0.98 1.02 4.0 %

The steel pipe manufacturer said the higher profit was mainly driven by lower selling, marketing and distribution expenses, due to non-recurring costs recorded in Q1 2025.

 

Financing costs also declined, primarily on lower borrowings.

 

SSP’s EBITDA rose to SAR 109 million in Q1 2026, from SAR 101 million a year earlier.

 

Net debt declined to SAR 29 million at the end of the quarter, from SAR 155 million a year earlier.

 

On the other hand, revenue decreased to SAR 385 million in Q1 2026 from SAR 454 million in Q1 2025, mainly due to lower sales volumes.

 

Other income also declined, while Zakat and income tax expenses increased in Q1 2026.

 

Net profit increased 18.2% quarter-on-quarter (QoQ) from SAR 44 million in Q4 2025, spurred by revenue, which rose to SAR 385 million in Q1 2026 from SAR 381 million in Q4 2025, on an improved sales mix.

 

Gross profit also increased, with financing costs declining in Q1 2026.

 

Shareholders’ equity, after minority interest, stood at SAR 905 million as of March 31, 2026, up from SAR 913 million a year earlier.

Attached document:

 

 

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Share Price

Saudi Steel Pipe Co.
53.60
(1.40) (2.55 %)

Saudi Steel Pipe Co. (SSP)

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Financial Ratios
Current
Market Cap (M Riyal) 2,733.60
Enterprise Value (EV) (M Riyal) 3,099.60
Shares Outstanding ((M)) 51.00
Recurring EPS ( Riyal) (TTM) 2.73
Book Value (BV) ( Riyal) 17.75
Par Value ( Riyal) 10.00
Recurring P/E 19.60
P/E (TTM) 14.16
Price/book 3.02
Return on Average Assets (%) (TTM) 11.0
Return on Average Equity (%) (TTM) 21.2
EV/Revenues 2.31
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2017 128.01 (34.1 %) 18.12 (37.4 %) 7.78 (42.7 %)
Q2 2017 162.10 7.1 % 22.32 39.4 % 10.12 207.6 %
Q3 2017 194.56 58.7 % 24.07 130.1 % 14.23 6209.0 %
Q4 2017 211.75 55.2 % 28.94 1954.9 % 17.22 220.4 %
Q1 2018 177.14 38.4 % 16.80 (7.3 %) 5.62 (27.8 %)
Q2 2018 156.29 (3.6 %) (0.43) (101.9 %) (12.53) (223.9 %)
Q3 2018 126.48 (35.0 %) (11.82) (149.1 %) (23.55) (265.5 %)
Q4 2018 186.29 (12.0 %) (6.61) (122.9 %) (20.96) (221.7 %)
Q1 2019 195.31 10.3 % 12.53 (25.4 %) 2.33 (58.6 %)
Q2 2019 161.85 3.6 % 0.88 306.5 % (11.00) 12.2 %
Q3 2019 157.80 24.8 % 0.13 101.1 % (10.65) 54.8 %
Q4 2019 156.60 (15.9 %) (0.36) 94.6 % (15.50) 26.0 %
Q1 2020 122.34 (37.4 %) 4.49 (64.1 %) (18.03) (874.8 %)
Q2 2020 58.26 (64.0 %) (14.97) (1793.0 %) (29.08) (164.4 %)
Q3 2020 150.32 (4.7 %) 21.46 17071.2 % 12.61 218.4 %
Q4 2020 154.73 (1.2 %) 8.11 2360.2 % (0.01) 100.0 %
Q1 2021 92.08 (24.7 %) 2.35 (47.6 %) (6.15) 65.9 %
Q2 2021 88.48 51.9 % 4.83 132.2 % (5.12) 82.4 %
Q3 2021 83.32 (44.6 %) 7.58 (64.7 %) (1.41) (111.2 %)
Q4 2021 109.62 (29.2 %) 12.57 55.0 % 4.07 81584.0 %
Q1 2022 184.08 99.9 % 28.96 1130.6 % 19.12 411.2 %
Q2 2022 211.82 139.4 % 27.28 465.4 % 17.83 448.2 %
Q3 2022 204.78 145.8 % 30.36 300.4 % 20.33 1539.9 %
Q4 2022 146.94 34.1 % 20.57 63.6 % 9.55 134.5 %
Q1 2023 166.89 (9.3 %) 23.86 (17.6 %) 6.52 (65.9 %)
Q2 2023 361.38 70.6 % 92.58 239.4 % 74.94 320.2 %
Q3 2023 317.47 55.0 % 63.54 109.3 % 47.34 132.8 %
Q4 2023 488.97 232.8 % 103.37 402.6 % 86.21 802.4 %
Q1 2024 514.94 208.5 % 106.83 347.8 % 88.61 1258.2 %
Q2 2024 472.40 30.7 % 105.22 13.7 % 86.86 15.9 %
Q3 2024 380.77 19.9 % 117.92 85.6 % 96.74 104.4 %
Q4 2024 262.08 (46.4 %) 69.62 (32.7 %) 47.98 (44.3 %)
Q1 2025 454.00 (11.8 %) 109.00 2.0 % 81.00 (8.6 %)
Q2 2025 336.40 (28.8 %) 79.33 (24.6 %) 51.25 (41.0 %)
Q3 2025 240.70 (36.8 %) 57.49 (51.3 %) 38.61 (60.1 %)
Q4 2025 381.00 45.4 % 100.00 43.6 % 78.00 62.6 %
Q1 2026 385.00 (15.2 %) 109.00 0.0 % 88.00 8.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2017 10.21 19.8 % 0.20 - 10.21 0.20
Q2 2017 7.69 152.9 % 0.15 - 7.69 0.15
Q3 2017 (14.46) (377.4 %) (0.28) (23.62) 9.16 0.18
Q4 2017 15.65 125.3 % 0.31 - 15.65 0.31
Q1 2018 (5.04) (149.3 %) (0.10) - (5.04) (0.10)
Q2 2018 (36.83) (578.8 %) (0.72) (21.00) (15.83) (0.31)
Q3 2018 (24.15) (67.0 %) (0.47) - (24.15) (0.47)
Q4 2018 (102.65) (755.8 %) (2.01) (81.99) (20.66) (0.41)
Q1 2019 0.33 106.5 % 0.01 - 0.33 0.01
Q2 2019 (10.17) 72.4 % (0.20) - (10.17) (0.20)
Q3 2019 (14.12) 41.5 % (0.28) - (14.12) (0.28)
Q4 2019 (2.87) 97.2 % (0.06) - (2.87) (0.06)
Q1 2020 (17.77) (5567.7 %) (0.35) - (17.77) (0.35)
Q2 2020 (27.02) (165.8 %) (0.53) - (27.02) (0.53)
Q3 2020 9.58 167.8 % 0.19 - 9.58 0.19
Q4 2020 0.74 125.7 % 0.01 - 0.74 0.01
Q1 2021 (8.48) 52.3 % (0.17) - (8.48) (0.17)
Q2 2021 (8.08) 70.1 % (0.16) - (8.08) (0.16)
Q3 2021 15.92 66.3 % 0.31 19.64 (3.72) (0.07)
Q4 2021 1.57 112.6 % 0.03 - 1.57 0.03
Q1 2022 14.53 271.4 % 0.28 - 14.53 0.28
Q2 2022 11.74 245.4 % 0.23 - 11.74 0.23
Q3 2022 16.79 5.5 % 0.33 - 16.79 0.33
Q4 2022 11.14 609.8 % 0.22 - 11.14 0.22
Q1 2023 6.37 (56.1 %) 0.12 - 6.37 0.12
Q2 2023 84.56 620.1 % 1.66 30.66 53.91 1.06
Q3 2023 24.96 48.6 % 0.49 - 24.96 0.49
Q4 2023 57.16 413.2 % 1.12 - 57.16 1.12
Q1 2024 56.11 780.6 % 1.10 - 56.11 1.10
Q2 2024 51.76 (38.8 %) 1.01 - 51.76 1.01
Q3 2024 50.11 100.8 % 0.98 (16.98) 67.09 1.32
Q4 2024 22.65 (60.4 %) 0.44 - 22.65 0.44
Q1 2025 50.00 (10.9 %) 0.98 - 50.00 0.98
Q2 2025 70.83 36.8 % 1.39 53.63 17.20 0.34
Q3 2025 26.28 (47.6 %) 0.52 - 26.28 0.52
Q4 2025 44.00 94.3 % 0.86 - 44.00 0.86
Q1 2026 52.00 4.0 % 1.02 - 52.00 1.02

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2017 7.99 % 7.20 % 0.29 %
Q2 2017 8.98 % 8.23 % 1.14 %
Q3 2017 10.13 % 9.54 % 1.32 %
Q4 2017 13.42 % 13.14 % 6.13 %
Q1 2018 12.36 % 12.33 % 3.68 %
Q2 2018 9.38 % 9.68 % 0.53 %
Q3 2018 4.98 % 5.28 % (4.37 %)
Q4 2018 (0.32 %) (0.60 %) (10.16 %)
Q1 2019 (0.95 %) (1.21 %) (9.08 %)
Q2 2019 (0.75 %) (1.12 %) (8.16 %)
Q3 2019 0.99 % 0.71 % (6.36 %)
Q4 2019 1.96 % 1.48 % (3.99 %)
Q1 2020 0.86 % (1.76 %) (7.50 %)
Q2 2020 (2.16 %) (5.78 %) (12.48 %)
Q3 2020 2.18 % (1.06 %) (7.81 %)
Q4 2020 3.93 % 2.15 % (7.10 %)
Q1 2021 3.73 % 4.92 % (5.53 %)
Q2 2021 7.57 % 9.59 % (1.29 %)
Q3 2021 5.46 % 7.78 % (4.67 %)
Q4 2021 7.32 % 9.87 % (5.01 %)
Q1 2022 11.59 % 13.24 % 0.92 %
Q2 2022 12.97 % 14.24 % 4.10 %
Q3 2022 13.96 % 14.80 % 6.28 %
Q4 2022 14.33 % 14.63 % 7.25 %
Q1 2023 13.97 % 13.19 % 6.30 %
Q2 2023 19.02 % 17.69 % 10.02 %
Q3 2023 20.20 % 19.00 % 9.71 %
Q4 2023 21.23 % 20.33 % 10.67 %
Q1 2024 21.77 % 21.35 % 11.42 %
Q2 2024 21.13 % 20.95 % 10.59 %
Q3 2024 23.33 % 23.08 % 12.50 %
Q4 2024 24.51 % 24.50 % 12.12 %
Q1 2025 25.60 % 25.24 % 12.20 %
Q2 2025 26.22 % 25.38 % 10.95 %
Q3 2025 24.39 % 23.70 % 8.98 %
Q4 2025 24.49 % 23.50 % 9.74 %
2025 24.52 % 23.11 % 9.76 %
Q1 2026 25.75 % - 10.38 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2017 51.00 (0.85) 0.03 14.16
Q2 2017 51.00 (0.76) 0.12 14.31
Q3 2017 51.00 (1.15) 0.16 14.02
Q4 2017 51.00 0.37 0.84 14.31
Q1 2018 51.00 0.08 0.54 14.20
Q2 2018 51.00 (0.80) 0.08 13.48
Q3 2018 51.00 (0.99) (0.58) 13.01
Q4 2018 51.00 (3.31) (1.29) 10.97
Q1 2019 51.00 (3.20) (1.18) 10.98
Q2 2019 51.00 (2.68) (1.07) 10.78
Q3 2019 51.00 (2.48) (0.87) 10.50
Q4 2019 51.00 (0.53) (0.53) 10.35
Q1 2020 51.00 (0.88) (0.88) 10.01
Q2 2020 51.00 (1.21) (1.21) 9.48
Q3 2020 51.00 (0.75) (0.75) 9.69
Q4 2020 51.00 (0.68) (0.68) 9.67
Q1 2021 51.00 (0.49) (0.49) 9.50
Q2 2021 51.00 (0.12) (0.12) 9.35
Q3 2021 51.00 0.00 (0.38) 9.66
Q4 2021 51.00 0.02 (0.37) 9.71
Q1 2022 51.00 0.47 0.08 9.99
Q2 2022 51.00 0.86 0.47 10.23
Q3 2022 51.00 0.88 0.88 10.55
Q4 2022 51.00 1.06 1.06 10.79
Q1 2023 51.00 0.90 0.90 10.92
Q2 2023 51.00 2.33 1.73 12.58
Q3 2023 51.00 2.49 1.89 13.07
Q4 2023 51.00 3.39 2.79 14.15
Q1 2024 51.00 4.37 3.77 15.25
Q2 2024 51.00 3.73 3.73 15.53
Q3 2024 51.00 4.22 4.55 16.52
Q4 2024 51.00 3.54 3.87 16.91
Q1 2025 51.00 3.42 3.75 17.90
Q2 2025 51.00 3.80 3.08 15.37
Q3 2025 51.00 3.33 2.28 15.89
Q4 2025 51.00 3.75 2.70 16.72
Q1 2026 51.00 3.79 2.73 17.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2017 NEG More than 100 1.19
Q2 2017 NEG More than 100 1.08
Q3 2017 NEG More than 100 1.21
Q4 2017 42.98 19.21 1.12
Q1 2018 More than 100 40.66 1.54
Q2 2018 NEG More than 100 1.47
Q3 2018 NEG NEG 1.68
Q4 2018 NEG NEG 1.65
Q1 2019 NEG NEG 2.17
Q2 2019 NEG NEG 2.04
Q3 2019 NEG NEG 2.02
Q4 2019 NEG NEG 2.00
Q1 2020 NEG NEG 1.45
Q2 2020 NEG NEG 1.76
Q3 2020 NEG NEG 2.40
Q4 2020 NEG NEG 2.88
Q1 2021 NEG NEG 3.18
Q2 2021 NEG NEG 3.47
Q3 2021 More than 100 NEG 3.06
Q4 2021 More than 100 NEG 2.60
Q1 2022 53.79 More than 100 2.53
Q2 2022 23.68 42.97 1.99
Q3 2022 23.77 23.77 1.97
Q4 2022 16.84 16.84 1.66
Q1 2023 23.37 23.37 1.93
Q2 2023 11.48 15.47 2.13
Q3 2023 14.15 18.65 2.70
Q4 2023 10.70 13.00 2.56
Q1 2024 15.64 18.13 4.48
Q2 2024 17.50 17.50 4.20
Q3 2024 16.95 15.71 4.33
Q4 2024 18.22 16.65 3.85
Q1 2025 17.94 16.35 3.43
Q2 2025 14.75 18.20 3.64
Q3 2025 16.01 23.41 3.36
Q4 2025 9.92 13.79 2.22
Q1 2026 11.65 16.13 2.49

Business Segments (Million)

Compared With The
Period Steele Pipes Process equipment
Q1 2016 189.38 4.96
Q2 2016 142.38 8.96
Q3 2016 108.37 14.24
Q4 2016 117.56 18.91
Q1 2017 112.31 15.70
Q2 2017 147.84 14.26
Q3 2017 166.54 28.03
Q4 2017 190.06 21.69
Q1 2018 164.97 12.17
Q2 2018 143.73 12.56
Q3 2018 112.50 13.98
Q4 2018 166.54 19.76
Q1 2019 176.76 18.56
Q2 2019 138.74 23.10
Q3 2019 127.23 30.57
Q4 2019 139.82 16.77
Q1 2020 111.60 10.74
Q2 2020 58.26 14.37
Q3 2020 150.31 6.23
Q4 2020 154.73 2.26
Q1 2021 92.08 2.62

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 48.50 52.00

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 48.50 52.00

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