Saudi Steel Pipe Company Announces its Interim Financial Results for the Period Ending on 30-9-2025 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 241 | 381 | -36.745 | 336 | -28.273 |
| Gross Profit (Loss) | 57 | 118 | -51.694 | 79 | -27.848 |
| Operational Profit (Loss) | 46 | 80 | -42.5 | 51 | -9.803 |
| Net profit (Loss) | 36 | 65 | -44.615 | 93 | -61.29 |
| Total Comprehensive Income | 36 | 65 | -44.615 | 93 | -61.29 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,031 | 1,368 | -24.634 |
| Gross Profit (Loss) | 246 | 330 | -25.454 |
| Operational Profit (Loss) | 178 | 257 | -30.739 |
| Net profit (Loss) | 198 | 213 | -7.042 |
| Total Comprehensive Income | 198 | 213 | -7.042 |
| Total Shareholders Equity (after Deducting Minority Equity) | 810 | 842 | -3.8 |
| Profit (Loss) per Share | 2.9 | 3.1 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue decreased to SAR 241 million in the third quarter of financial year 2025 (“Q3 2025”) from SAR 381 million in the third quarter of financial year 2024 (“Q3 2024”) mainly as a result of the decrease in volume. Despite this decrease, the Company maintains a solid backlog of orders which will be mainly carried out in the upcoming periods in which the financial impact is expected to materialize. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit of SAR 36 million in Q3 2025 compared to a net profit of SAR 65 million in Q3 2024 is mainly due to:
a) Gross profit decreased to SAR 57 million in Q3 2025 from SAR 118 million in Q3 2024 as a result of the decrease in volume and mix of products sold.
The above negative effect was partially offset by:
b) Selling, marketing and distribution expenses decreased to SAR 6 million in Q3 2025 from SAR 26 million in Q3 2024 mainly as a result of non-recurrent charges recorded in Q3 2024.
c) Other income increased to SAR 7 million in Q3 2025 from SAR 0.2 million in Q3 2024.
d) Zakat and income tax expenses decreased to SAR 3 million in Q3 2025 from SAR 7 million in Q3 2024. EBITDA represents earnings before interest, tax, depreciation, and amortization.
SSP recorded an EBITDA of SAR 67 million in Q3 2025, compared to SAR 100 million in Q3 2024.
As a result of the built up in working capital related to the Company’s backlog of orders, SSP’s recorded a negative free cash flow of SAR (73) million in Q3 2025, compared to a positive free cash flow of SAR 106 million in Q3 2024. As at the end of Q3 2025, net debt amounted to SAR 217 million, compared to SAR 264 million as at the end of Q3 2024. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue decreased to SAR 241 million in Q3 2025 from SAR 336 million in the second quarter of financial year 2025 (“Q2 2025”), mainly as a result of the decrease in volume. Despite this decrease, the Company maintains a solid backlog of orders which will be mainly carried out in the upcoming periods in which the financial impact is expected to materialize. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit of SAR 36 million in Q3 2025 compared to net profit of SAR 93 million in Q2 2025 is mainly due to the following reasons:
a) Lands settlement compensation amounting to SAR 54 million recorded in Q2 2025.
b) Gross profit decreased to SAR 57 million in Q3 2025 from SAR 79 million in Q2 2025 as a result of the decrease in volume and mix of products sold.
The above listed negative effects were partially offset by:
c) Selling, marketing and distribution expenses decreased to SAR 6 million in Q3 2025 from SAR 15 million in Q2 2025 mainly as a result of non-periodic charges recorded in Q2 2025.
d) Other income increased to SAR 7 million in Q3 2025 from SAR 0.02 million in Q2 2025.
EBITDA represents earnings before interest, tax, depreciation, and amortization.
SSP recorded a positive EBITDA of SAR 67 million in Q3 2025, compared to SAR 72 million in Q2 2025.
As a result of the built up in working capital related to the Company’s backlog of orders, SSP’s recorded a negative free cash flow of SAR (73) million in Q3 2025 compared to a positive free cash flow of SAR 1 million. Consequently, net debt increased to SAR 217 million as at the end of Q3 2025 from SAR 141 million as at the end of Q2 2025. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue decreased to SAR 1,031 million in the nine months period of financial year 2025 (“9M 2025”) from SAR 1,368 million in the nine months period of financial year 2024 (“9M 2024”) as a result of the decrease in volume. Despite this decrease, the Company maintains a solid backlog of orders which will be mainly carried out in the upcoming periods in which the financial impact is expected to materialize. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit of SAR 198 million for the 9M 2025 compared to a net profit of SAR 212 million for 9M 2024 is mainly due to the following reasons:
a) Gross profit decreased to SAR 246 million in 9M 2025 from SAR 330 million in 9M 2024, mainly as a result of the decrease in volume and mix of products sold.
The above negative effect was partially offset by:
b) Lands settlement compensation amounting to SAR 54 million recorded in 9M 2025.
c) Other income increased to SAR 13 million in 9M 2025 from SAR 2 million in 9M 2024.
d) Zakat and income tax expenses decreased to SAR 12 million in 9M 2025 from SAR 18 million in 9M 2024.
EBITDA represents earnings before interest, tax, depreciation, and amortization.
SSP recorded a positive EBITDA of SAR 240 million in 9M 2025, compared to SAR 311 million in 9M 2024.
As a result of the effective cash flow management, SSP recorded a positive free cash flow of SAR 138 million in 9M 2025 (which excludes the aggregate Lands settlement amount) compared to SAR 90 million in 9M 2024.
Net debt decreased to SAR 217 million as at the end of 9M 2025 from SAR 264 million as at the end of 9M 2024, despite the total dividends distributed in 9M 2025 amounting to SAR 200 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | - |
| Reclassification of Comparison Items | - |
| Additional Information | See attached document for the highlights. |
| Attached Documents |  |
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