Saudi Steel Pipe turns to SAR 900,000 profit in 2021; Q4 earnings at SAR 1.5 mln

17/02/2022 Argaam Exclusive

Saudi Steel Pipe Co. swung to a net profit after Zakat and tax of SAR 900,000 in 2021 against a net loss of SAR 34.5 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 474.90 373.49 (21.4 %)
Gross Income 19.14 27.34 42.8 %
Operating Income (32.85) (8.60) 73.8 %
Net Income (34.48) 0.93 102.7 %
Average Shares 51.00 51.00 -
EPS (Riyals) (0.68) 0.02 102.7 %

The steel pipe producer attributed the positive performance to a profit of SAR 18.92 million from discontinued operations, as a result of the gain recorded on the sale of the main operating assets of its wholly-owned subsidiary, Titanium Steel & Manufacturing Co. Ltd.

 

Administrative expenses decreased to SAR 27.47 million. Gross profit increased to SAR 27.33 million in 2021. Other income stood at SAR 3.19 million in 2021, while other expenses reached SAR 340,000. Moreover, the company recorded positive EBITDA and free cash flow of SAR 39.61 million and SAR 55.20 million, respectively.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 154.73 109.62 (29.2 %)
Gross Income 8.11 12.57 55.0 %
Operating Income (0.01) 4.07 81580.0 %
Net Income 0.74 1.57 112.6 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.01 0.03 112.6 %

In Q4 2021, net profit after Zakat and tax more than doubled to SAR 1.5 million, compared to SAR 740,000 in the year-ago period.

 

Shareholders’ equity, excluding minority interest, rose marginally to SAR 495.2 million in 2021, from SAR 493.2 million a year earlier.

View more financial results

 

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Share Price

Saudi Steel Pipe Co.
68.30
1.10 1.64 %

Saudi Steel Pipe Co. (SSP)

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Financial Ratios
Current
Market Cap (M Riyal) 3,483.30
Enterprise Value (EV) (M) 4,028.11
Shares Outstanding ((M)) 51.00
EPS ( Riyal) (TTM) 4.22
Book Value (BV) ( Riyal) 16.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.18
P/E (TTM) 16.18
Price/book 4.14
Return on Average Assets (%) (TTM) 11.1
Return on Average Equity (%) (TTM) 28.6
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 206.85 26.8 % 29.13 1.3 % 19.36 (8.0 %)
Q2 2012 187.48 21.9 % 22.88 (23.1 %) 13.33 (37.1 %)
Q3 2012 152.16 8.6 % 19.39 7.9 % 9.87 (1.5 %)
Q4 2012 179.87 4.4 % 26.57 15.4 % 15.12 8.7 %
Q1 2013 248.48 20.1 % 37.91 30.2 % 24.63 27.3 %
Q2 2013 249.13 32.9 % 39.45 72.5 % 26.51 98.9 %
Q3 2013 172.98 13.7 % 27.95 44.1 % 18.02 82.6 %
Q4 2013 168.76 (6.2 %) 25.76 (3.0 %) 14.09 (6.8 %)
Q1 2014 224.73 (9.6 %) 21.65 (42.9 %) 9.05 (63.2 %)
Q2 2014 249.65 0.2 % 32.69 (17.1 %) 19.91 (24.9 %)
Q3 2014 241.88 39.8 % 23.65 (15.4 %) 9.81 (45.6 %)
Q4 2014 141.74 (16.0 %) 19.38 (24.8 %) 7.03 (50.1 %)
Q1 2015 248.49 10.6 % 29.24 35.0 % 14.61 61.3 %
Q2 2015 279.97 12.1 % 38.88 18.9 % 24.70 24.1 %
Q3 2015 179.88 (25.6 %) 21.52 (9.0 %) 8.34 (15.0 %)
Q4 2015 143.55 1.3 % 11.55 (40.4 %) (1.11) (115.8 %)
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 81580.0 %
2021 373.49 (21.4 %) 27.34 42.8 % (8.60) 73.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 18.32 (12.8 %) 0.36 - 18.32 0.36
Q2 2012 12.38 (42.0 %) 0.24 - 12.38 0.24
Q3 2012 8.92 (5.1 %) 0.17 - 8.92 0.17
Q4 2012 14.09 5.4 % 0.28 - 14.09 0.28
Q1 2013 23.11 26.2 % 0.45 - 23.11 0.45
Q2 2013 25.11 102.7 % 0.49 - 25.11 0.49
Q3 2013 16.37 83.5 % 0.32 - 16.37 0.32
Q4 2013 14.86 5.4 % 0.29 - 14.86 0.29
Q1 2014 4.03 (82.6 %) 0.08 - 4.03 0.08
Q2 2014 15.55 (38.1 %) 0.30 - 15.55 0.30
Q3 2014 6.59 (59.7 %) 0.13 - 6.59 0.13
Q4 2014 5.30 (64.3 %) 0.10 - 5.30 0.10
Q1 2015 11.41 183.3 % 0.22 - 11.41 0.22
Q2 2015 23.46 50.8 % 0.46 - 23.46 0.46
Q3 2015 8.02 21.6 % 0.16 (1.02) 9.04 0.18
Q4 2015 (1.30) (124.6 %) (0.03) - (1.30) (0.03)
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 66.2 % 0.31 19.64 (3.72) (0.07)
Q4 2021 1.57 112.6 % 0.03 - 1.57 0.03
2021 0.93 102.7 % 0.02 19.64 (18.71) (0.37)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 14.84 % 12.84 % 9.27 %
Q2 2012 13.16 % 11.16 % 7.57 %
Q3 2012 13.14 % 10.99 % 7.37 %
Q4 2012 13.49 % 11.08 % 7.39 %
Q1 2013 13.90 % 11.20 % 7.62 %
Q2 2013 14.86 % 11.98 % 8.59 %
Q3 2013 15.51 % 12.68 % 9.25 %
Q4 2013 15.62 % 12.78 % 9.47 %
Q1 2014 14.08 % 11.55 % 7.40 %
Q2 2014 13.24 % 11.01 % 6.23 %
Q3 2014 11.72 % 9.50 % 4.64 %
Q4 2014 11.35 % 9.10 % 3.67 %
Q1 2015 11.90 % 9.69 % 4.41 %
Q2 2015 12.19 % 10.10 % 5.13 %
Q3 2015 12.82 % 10.81 % 5.79 %
Q4 2015 11.88 % 10.12 % 5.00 %
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 %)
2021 7.32 % 9.87 % (5.01 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 51.00 1.22 1.22 15.04
Q2 2012 51.00 1.05 1.05 15.24
Q3 2012 51.00 1.04 1.04 15.38
Q4 2012 51.00 1.05 1.05 15.56
Q1 2013 51.00 1.15 1.15 15.95
Q2 2013 51.00 1.40 1.40 15.66
Q3 2013 51.00 1.54 1.54 15.19
Q4 2013 51.00 1.56 1.56 15.39
Q1 2014 51.00 1.18 1.18 15.41
Q2 2014 51.00 1.00 1.00 15.66
Q3 2014 51.00 0.80 0.80 15.75
Q4 2014 51.00 0.62 0.62 15.75
Q1 2015 51.00 0.76 0.76 15.93
Q2 2015 51.00 0.92 0.92 15.82
Q3 2015 51.00 0.94 0.96 15.44
Q4 2015 51.00 0.82 0.84 15.23
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 23.04 23.04 1.87
Q2 2012 20.84 20.84 1.43
Q3 2012 23.10 23.10 1.56
Q4 2012 24.02 24.02 1.63
Q1 2013 22.49 22.49 1.62
Q2 2013 18.54 18.54 1.65
Q3 2013 19.45 19.45 1.97
Q4 2013 22.79 22.79 2.31
Q1 2014 31.68 31.68 2.43
Q2 2014 33.82 33.82 2.15
Q3 2014 47.24 47.24 2.41
Q4 2014 38.95 38.95 1.53
Q1 2015 37.18 37.18 1.78
Q2 2015 31.20 31.20 1.81
Q3 2015 22.33 21.87 1.37
Q4 2015 26.67 26.03 1.43
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

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 Q4 2021 (e) Q4 2021 (a) Change‬
Average (4.00) 1.57 139.23 %

Estimates vs Actual (Million)

Item Q4 2021 (e) Q4 2021 (a) Change
SNB Capital (4.00) 1.57 139.2 %

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