Saudi Steel Pipe turns profitable at $11.46mln in 9M-22; accumulated losses unveiled

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Riyadh – Saudi Steel Pipe Company shifted to net profits after Zakat and tax worth SAR 43.07 million in the first nine months (9M) of 2022, versus net losses of SAR 640,000 in 9M-21.

Meanwhile, the revenues hiked by 127.64% year-on-year (YoY) to SAR 600.68 million in the January-September 2022 period, compared to SAR 263.87 million, according to the interim financial results.

The earnings per share (EPS) stood at SAR 0.85 in 9M-22, against a loss per share of SAR 0.01 during the same period a year earlier.

Additionally, the accumulated losses reached SAR 17.31 million as of 30 September 2022, accounting for 3.39% of the SAR 510 million capital.

In the third quarter (Q3) of 2022, the net profits after Zakat and tax amounted to SAR 16.79 million, an annual growth of 5.46% from SAR 15.92 million.

Revenues enlarged by 145.78% YoY to SAR 204.78 million in Q3-22 from SAR 83.32 million.

On a quarterly basis, the Q3-22 net profits after Zakat and tax increased by 43.02% from SAR 11.74 million in Q2-22, whereas the revenues declined by 3.32% from SAR 211.82 million.

In the first half (H1) of 2022, Saudi Steel Pipe also turned profitable at SAR 26.27 million, compared to net losses of SAR 16.56 million in H1-21.

Last September, the Tadawul-listed firm signed a supply deal worth SAR 149.80 million with Saudi Arabian Oil Company (Aramco).