Saudi Steel Pipe Co. (SSP) reported a net profit after minority interest of SAR 173.1 million for 2023, compared to SAR 54.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 747.62 | 1,334.71 | 78.5 % |
| Gross Income | 107.16 | 283.35 | 164.4 % |
| Operating Income | 66.84 | 215.01 | 221.7 % |
| Net Income | 54.21 | 173.05 | 219.2 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 1.06 | 3.39 | 219.2 % |
Revenue rose to SAR 1.33 billion in 2023 from SAR 748 million in 2022 on higher volumes. This boost was attributed to the consolidation of post-acquisition results from Global Pipe Company (GPC), as SSP increased its total ownership in GPC to 57.27%.
Gross profit grew to SAR 283 million in 2023 from SAR 107 million in 2022, driven by an improved mix of products sold. Additionally, SSP recognized a bargain purchase gain of SAR 40 million last year by acquiring an additional 22.27% stake in GPC.
Other income increased to SAR 10 million in 2023 from SAR 3 million in 2022, mainly due to consolidating GPC’s post-acquisition results.
Additionally, Zakat and tax expenses decreased to SAR 7 million last year from SAR 10 million a year before.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 146.94 | 488.97 | 232.8 % |
| Gross Income | 20.57 | 103.37 | 402.6 % |
| Operating Income | 9.55 | 86.21 | 802.4 % |
| Net Income | 11.14 | 57.16 | 413.2 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.22 | 1.12 | 413.2 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 317.47 | 488.97 | 54.0 % |
| Gross Income | 63.54 | 103.37 | 62.7 % |
| Operating Income | 47.34 | 86.21 | 82.1 % |
| Net Income | 24.96 | 57.16 | 129.0 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.49 | 1.12 | 129.0 % |
Q4 2023 net earnings reached SAR 57.2 million, compared to SAR 11 million in the prior-year period.
On a sequential basis, Q4 net profit surged 129% from SAR 24.96 million in Q3 2023.
Shareholders’ equity, after minority interest, amounted to SAR 722 million by Dec. 31, 2023, compared to SAR 551 million in a year-earlier period.
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