Saudi Steel Pipe Co. (SSP) posted a net profit rise to SAR 56.1 million after minority interest in Q1 2024, up from SAR 6.4 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 166.89 | 514.94 | 208.5 % |
| Gross Income | 23.86 | 106.83 | 347.8 % |
| Operating Income | 6.52 | 88.61 | 1258.2 % |
| Net Income | 6.37 | 56.11 | 780.6 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.12 | 1.10 | 780.6 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 488.97 | 514.94 | 5.3 % |
| Gross Income | 103.37 | 106.83 | 3.3 % |
| Operating Income | 86.21 | 88.61 | 2.8 % |
| Net Income | 57.16 | 56.11 | (1.8 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 1.12 | 1.10 | (1.8 %) |
The first-quarter revenue rose to SAR 515 million from SAR 167 million in Q1 2023 on higher volumes. This increase was primarily attributed to the consolidation of post-acquisition results from Global Pipe Company (GPC) in the Q1 2024 figures. SSP raised its total ownership in GPC by 22.27% to 57.27%.
Gross profit grew to SAR 107 million in Q1 2024 from SAR 24 million in the prior-year period, driven by higher sales volumes, thanks to the consolidation of GPC and the improved sales mix.
Meanwhile, the selling and distribution expenses decreased to SAR 6 million from SAR 8 million in Q1 2023 due to the non-recurring logistics costs recorded in Q1 2023.
SSP recorded a decline in the doubtful debt provision to SAR 200,000 from SAR 2 million in Q1 2023.
On the other hand, finance costs increased to SAR 9 million in the three-month period from SAR 3 million in Q1 2023. Administrative expenses also increased to SAR 12 million.
The pipe manufacturer reported a decline of 1.8% in net profit from SAR 57.16 million in Q4 2023, as other income declined to SAR 1 million from SAR 5 million in Q4 2023.
Shareholders’ equity, after minority interest, amounted to SAR 778 million by March 31, 2024, compared to SAR 557 million a year earlier.
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