SSP reports SAR 192M profit in 2025; Q4 at SAR 44.7M

19/02/2026 Argaam Exclusive

Saudi Steel Pipe Co. (SSP) reported net profit growth of 6.1% to SAR 192 million in 2025, compared to SAR 181 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 1,630.00 1,412.00 (13.4 %)
Gross Income 399.00 346.00 (13.3 %)
Operating Income 309.00 257.00 (16.8 %)
Net Income 181.00 192.00 6.1 %
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyals) 3.87 2.71 (30.0 %)
EPS (Riyal) 3.55 3.76 6.1 %

SSP noted a compensation settlement of SAR 54 million in 2025 for land plots. Additionally, other income increased year-on-year (YoY) along with lower finance charges and borrowings.

 

SSP recorded a positive EBITDA of SAR 340 million in 2025, compared to SAR 388 million in 2024.

 

Additionally, net debt decreased to SAR 34 million in 2025 from SAR 363 million in 2024, despite the SAR 200 million total dividends distributed in 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 262.00 381.00 45.4 %
Gross Income 69.00 100.00 44.9 %
Operating Income 52.00 79.00 51.9 %
Net Income 23.00 44.66 94.2 %
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (Riyal) 0.45 0.88 94.2 %
EPS (Riyal) 0.45 0.88 94.2 %

Q4 2025 profit surged 94% to SAR 44.7 million, from SAR 23 million in the prior-year period.

 

On a sequential basis, net profit jumped by 70% from SAR 26.28 million in Q3 2025.

 

Total shareholders’ equity (excluding minority interest) amounted to SAR 853 million as of Dec. 31, 2025, compared to SAR 862 million in a year earlier period.

 

Attached Documents

 

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Share Price

Saudi Steel Pipe Co.
38.34
0.30 0.79 %

Saudi Steel Pipe Co. (SSP)

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Financial Ratios
Current
Market Cap (M Riyal) 1,955.34
Enterprise Value (EV) (M Riyal) 2,301.34
Shares Outstanding ((M)) 51.00
EPS ( Riyal) (TTM) 3.76
Book Value (BV) ( Riyal) 16.73
Par Value ( Riyal) 10.00
Recurring P/E 14.13
P/E (TTM) 10.18
Price/book 2.29
Return on Average Assets (%) (TTM) 10.3
Return on Average Equity (%) (TTM) 22.4
EV/adj EBITDA -
EV/Revenues 1.63
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 194.34 (21.8 %) 28.94 (1.0 %) 13.57 (7.1 %)
Q2 2016 151.35 (45.9 %) 16.01 (58.8 %) 3.29 (86.7 %)
Q3 2016 122.61 (31.8 %) 10.46 (51.4 %) (0.23) (102.8 %)
Q4 2016 136.47 (4.9 %) (1.56) (113.5 %) (14.30) (1,191.7 %)
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 262.00 (46.4 %) 69.00 (33.3 %) 52.00 (39.7 %)
Q1 2025 453.92 (11.8 %) 108.96 2.0 % 74.90 (15.5 %)
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 44.9 % 79.00 51.9 %
2025 1,412.00 (13.4 %) 346.00 (13.3 %) 257.00 (16.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 8.52 (25.4 %) 0.17 - 8.52 0.17
Q2 2016 3.04 (87.0 %) 0.06 - 3.04 0.06
Q3 2016 5.21 (35.0 %) 0.10 (2.00) 7.21 0.14
Q4 2016 (61.90) (4,650.5 %) (1.21) (43.03) (18.87) (0.37)
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 23.00 (59.8 %) 0.45 - 23.00 0.45
Q1 2025 50.23 (10.5 %) 0.98 - 50.23 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 44.66 94.2 % 0.88 - 44.66 0.88
2025 192.00 6.1 % 3.76 53.63 138.37 2.71

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 12.65 % 10.74 % 4.98 %
Q2 2016 11.66 % 9.63 % 2.88 %
Q3 2016 10.94 % 9.23 % 2.85 %
Q4 2016 8.90 % 7.52 % (0.02 %)
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 24.48 % 24.75 % 12.14 %
2024 24.48 % 23.82 % 12.12 %
Q1 2025 25.56 % 25.11 % 12.24 %
Q2 2025 26.18 % 25.24 % 10.99 %
Q3 2025 24.34 % 23.54 % 9.03 %
Q4 2025 24.49 % - 9.80 %
2025 24.50 % - 9.80 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 51.00 0.76 0.78 15.38
Q2 2016 51.00 0.36 0.38 15.47
Q3 2016 51.00 0.30 0.34 15.56
Q4 2016 51.00 (0.88) 0.00 13.95
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 3.55 3.88 16.91
Q1 2025 51.00 3.43 3.77 17.90
Q2 2025 51.00 3.81 3.09 15.37
Q3 2025 51.00 3.34 2.29 15.89
Q4 2025 51.00 3.76 2.71 16.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 23.24 22.64 1.15
Q2 2016 50.51 47.84 1.17
Q3 2016 44.18 39.13 0.86
Q4 2016 NEG NEG 1.37
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 18.18 16.62 3.85
Q1 2025 17.88 16.30 3.43
Q2 2025 14.71 18.13 3.64
Q3 2025 15.96 23.29 3.36
Q4 2025 9.88 13.70 2.22

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 25.90 44.66

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 25.90 44.66

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