Saudi Steel Pipe’s profit rises to SAR 56.1M in Q1 2024

28/04/2024 Argaam Exclusive

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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.

Current Quarter Comparison (M)

Compared With The

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.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	248.49	10.6 %	29.24	35.0 %	11.41	183.3 %	0.22
Q2 2015	279.97	12.1 %	38.88	18.9 %	23.46	50.8 %	0.46
Q3 2015	179.88	(25.6 %)	21.52	(9.0 %)	8.02	21.6 %	0.16
Q4 2015	143.55	1.3 %	11.55	(40.4 %)	(1.30)	(124.6 %)	(0.03)
2015	852.09	(0.7 %)	95.78	(1.5 %)	33.38	7.0 %	0.65
Q1 2016	194.34	(21.8 %)	28.94	(1.0 %)	8.52	(25.4 %)	0.17
Q2 2016	151.35	(45.9 %)	16.01	(58.8 %)	3.04	(87.0 %)	0.06
Q3 2016	122.61	(31.8 %)	10.46	(51.4 %)	5.21	(35.0 %)	0.10
Q4 2016	136.47	(4.9 %)	(1.56)	(113.5 %)	(61.90)	(4,650.5 %)	(1.21)
2016	604.77	(29.0 %)	53.85	(43.8 %)	(45.13)	(235.2 %)	(0.88)
Q1 2017	128.01	(34.1 %)	18.12	(37.4 %)	10.21	19.8 %	0.20
Q2 2017	162.10	7.1 %	22.32	39.4 %	7.69	152.9 %	0.15
Q3 2017	194.56	58.7 %	24.07	130.1 %	(14.46)	(377.4 %)	(0.28)
Q4 2017	211.75	55.2 %	28.94	1954.9 %	15.65	125.3 %	0.31
2017	696.42	15.2 %	93.44	73.5 %	19.09	142.3 %	0.37
Q1 2018	177.14	38.4 %	16.80	(7.3 %)	(5.04)	(149.3 %)	(0.10)
Q2 2018	156.29	(3.6 %)	(0.43)	(101.9 %)	(36.83)	(578.8 %)	(0.72)
Q3 2018	126.48	(35.0 %)	(11.82)	(149.1 %)	(24.15)	(67.0 %)	(0.47)
Q4 2018	186.29	(12.0 %)	(6.61)	(122.9 %)	(102.65)	(755.8 %)	(2.01)
2018	646.20	(7.2 %)	(2.07)	(102.2 %)	(168.66)	(983.4 %)	(3.31)
Q1 2019	195.31	10.3 %	12.53	(25.4 %)	0.33	106.5 %	0.01
Q2 2019	161.85	3.6 %	0.88	306.5 %	(10.17)	72.4 %	(0.20)
Q3 2019	157.80	24.8 %	0.13	101.1 %	(14.12)	41.5 %	(0.28)
Q4 2019	156.60	(15.9 %)	(0.36)	94.6 %	(2.87)	97.2 %	(0.06)
2019	671.55	3.9 %	13.18	736.3 %	(26.83)	84.1 %	(0.53)
Q1 2020	122.34	(37.4 %)	4.49	(64.1 %)	(17.77)	(5567.7 %)	(0.35)
Q2 2020	58.26	(64.0 %)	(14.97)	(1793.0 %)	(27.02)	(165.8 %)	(0.53)
Q3 2020	150.32	(4.7 %)	21.46	17071.2 %	9.58	167.8 %	0.19
Q4 2020	154.73	(1.2 %)	8.11	2360.2 %	0.74	125.7 %	0.01
2020	474.90	(29.3 %)	19.14	45.3 %	(34.48)	(28.5 %)	(0.68)
Q1 2021	92.08	(24.7 %)	2.35	(47.6 %)	(8.48)	52.3 %	(0.17)
Q2 2021	88.48	51.9 %	4.83	132.2 %	(8.08)	70.1 %	(0.16)
Q3 2021	83.32	(44.6 %)	7.58	(64.7 %)	15.92	66.2 %	0.31
Q4 2021	109.62	(29.2 %)	12.57	55.0 %	1.57	112.6 %	0.03
2021	373.49	(21.4 %)	27.34	42.8 %	0.93	102.7 %	0.02
Q1 2022	184.08	99.9 %	28.96	1130.6 %	14.53	271.4 %	0.28
Q2 2022	211.82	139.4 %	27.28	465.4 %	11.74	245.4 %	0.23
Q3 2022	204.78	145.8 %	30.36	300.4 %	16.79	5.5 %	0.33
Q4 2022	146.94	34.1 %	20.57	63.6 %	11.14	609.9 %	0.22
2022	747.62	100.2 %	107.16	292.0 %	54.21	5716.1 %	1.06
Q1 2023	166.89	(9.3 %)	23.86	(17.6 %)	6.37	(56.1 %)	0.12
Q2 2023	361.38	70.6 %	92.58	239.4 %	84.56	620.1 %	1.66
Q3 2023	317.47	55.0 %	63.54	109.3 %	24.96	48.6 %	0.49
Q4 2023	488.97	232.8 %	103.37	402.6 %	57.16	413.2 %	1.12
2023	1,334.71	78.5 %	283.35	164.4 %	173.05	219.2 %	3.39
Q1 2024	514.94	208.5 %	106.83	347.8 %	56.11	780.6 %	1.10

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	857.99	2.2 %	97.25	(25.8 %)	31.20	(60.7 %)	0.61
2015	852.09	(0.7 %)	95.78	(1.5 %)	33.38	7.0 %	0.65
2016	604.77	(29.0 %)	53.85	(43.8 %)	(45.13)	(235.2 %)	(0.88)
2017	696.42	15.2 %	93.44	73.5 %	19.09	142.3 %	0.37
2018	646.20	(7.2 %)	(2.07)	(102.2 %)	(168.66)	(983.4 %)	(3.31)
2019	671.55	3.9 %	13.18	736.3 %	(26.83)	84.1 %	(0.53)
2020	474.90	(29.3 %)	19.14	45.3 %	(34.48)	(28.5 %)	(0.68)
2021	373.49	(21.4 %)	27.34	42.8 %	0.93	102.7 %	0.02
2022	747.62	100.2 %	107.16	292.0 %	54.21	5716.1 %	1.06
2023	1,334.71	78.5 %	283.35	164.4 %	173.05	219.2 %	3.39

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	11.24 %	9.48 %	4.04 %
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 %)
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 %
2017	13.42 %	13.29 %	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 %)
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 %)
2019	1.96 %	1.48 %	(4.00 %)
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 %)
2020	4.03 %	2.55 %	(7.26 %)
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 %)
Q1 2022	11.59 %	13.24 %	0.92 %
Q2 2022	12.97 %	14.24 %	4.10 %
Q3 2022	13.96 %	14.80 %	6.28 %
Q4 2022	14.33 %	14.63 %	7.25 %
2022	14.33 %	14.63 %	7.25 %
Q1 2023	13.97 %	13.19 %	6.30 %
Q2 2023	19.02 %	17.69 %	10.02 %
Q3 2023	20.20 %	19.00 %	9.71 %
Q4 2023	21.23 %	20.33 %	10.67 %
2023	21.23 %	20.33 %	10.67 %
Q1 2024	21.77 %	21.35 %	11.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	11.33 %	9.27 %	3.64 %
2015	11.24 %	9.48 %	4.04 %
2016	8.90 %	7.52 %	(0.02 %)
2017	13.42 %	13.29 %	6.13 %
2018	(0.32 %)	(0.60 %)	(10.16 %)
2019	1.96 %	1.48 %	(4.00 %)
2020	4.03 %	2.55 %	(7.26 %)
2021	7.32 %	9.87 %	(5.01 %)
2022	14.33 %	14.63 %	7.25 %
2023	21.23 %	20.33 %	10.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	11.77 %	9.97 %	4.59 %
Q2 2015	13.89 %	12.40 %	8.38 %
Q3 2015	11.97 %	10.03 %	5.03 %
Q4 2015	8.04 %	6.07 %	(0.91 %)
Q1 2016	14.89 %	12.44 %	4.38 %
Q2 2016	10.58 %	8.92 %	2.01 %
Q3 2016	8.53 %	8.24 %	5.88 %
Q4 2016	(1.14 %)	(1.67 %)	(13.83 %)
Q1 2017	14.15 %	13.63 %	7.97 %
Q2 2017	13.77 %	12.30 %	4.75 %
Q3 2017	12.37 %	12.41 %	4.71 %
Q4 2017	13.67 %	14.17 %	7.39 %
Q1 2018	9.48 %	10.07 %	(2.84 %)
Q2 2018	(0.27 %)	(0.24 %)	(10.13 %)
Q3 2018	(9.35 %)	(9.50 %)	(19.09 %)
Q4 2018	(3.55 %)	(5.00 %)	(11.09 %)
Q1 2019	6.41 %	6.98 %	0.17 %
Q2 2019	0.55 %	0.12 %	(6.28 %)
Q3 2019	0.08 %	0.29 %	(8.95 %)
Q4 2019	(0.23 %)	(2.76 %)	(1.83 %)
Q1 2020	3.67 %	(5.62 %)	(14.52 %)
Q2 2020	(25.69 %)	(30.69 %)	(46.38 %)
Q3 2020	14.28 %	15.90 %	6.37 %
Q4 2020	5.24 %	7.31 %	0.48 %
Q1 2021	2.56 %	5.52 %	(9.21 %)
Q2 2021	5.45 %	7.07 %	(9.13 %)
Q3 2021	9.10 %	11.92 %	(4.47 %)
Q4 2021	11.47 %	14.24 %	1.43 %
Q1 2022	15.73 %	16.21 %	7.89 %
Q2 2022	12.88 %	13.44 %	5.54 %
Q3 2022	14.83 %	15.23 %	8.20 %
Q4 2022	14.00 %	13.54 %	7.58 %
Q1 2023	14.29 %	10.07 %	3.82 %
Q2 2023	25.62 %	24.28 %	14.92 %
Q3 2023	20.01 %	20.23 %	7.86 %
Q4 2023	21.14 %	20.98 %	11.69 %
Q1 2024	20.75 %	20.34 %	10.90 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2022	51.00	0.47	0.08	9.99
Q2 2022	51.00	0.86	0.47	10.23
Q3 2022	51.00	0.88	0.88	10.55
Q4 2022	51.00	1.06	1.06	10.79
Q1 2023	51.00	0.90	0.90	10.92
Q2 2023	51.00	2.33	1.73	12.58
Q3 2023	51.00	2.49	1.89	13.07
Q4 2023	51.00	3.39	2.79	14.15
Q1 2024	51.00	4.37	3.77	15.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	51.00	0.61	0.61	15.75
2015	51.00	0.65	0.67	15.23
2016	51.00	(0.88)	0.00	13.95
2017	51.00	0.37	0.84	14.31
2018	51.00	(3.31)	(1.29)	10.97
2019	51.00	(0.53)	(0.53)	10.35
2020	51.00	(0.68)	(0.68)	9.67
2021	51.00	0.02	(0.37)	9.71
2022	51.00	1.06	1.06	10.79
2023	51.00	3.39	2.79	14.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2022	53.79	More than 100	2.53
Q2 2022	23.68	42.97	1.99
Q3 2022	23.77	23.77	1.97
Q4 2022	16.84	16.84	1.66
Q1 2023	23.37	23.37	1.93
Q2 2023	11.48	15.47	2.13
Q3 2023	14.15	18.65	2.70
Q4 2023	10.70	13.00	2.56
Q1 2024	15.64	18.13	4.48

Period	P/E	Adjusted P/E	Price/book
2014	39.29	39.29	1.53
2015	33.23	32.24	1.43
2016	NEG	NEG	1.37
2017	42.98	19.21	1.12
2018	NEG	NEG	1.65
2019	NEG	NEG	2.00
2020	NEG	NEG	2.88
2021	More than 100	NEG	2.60
2022	16.84	16.84	1.66
2023	10.70	13.00	2.56

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

Period	Steele Pipes	Process equipment
2016	557.70	47.07
2017	616.74	79.68
2018	587.74	58.46
2019	582.55	89.00
2020	474.90	33.62

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	49.10	56.11	14.27 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
SNB Capital	49.10	56.11	14.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	3,590.40
Enterprise Value (EV) (M)	4,132.68
Shares Outstanding ((M))	51.00
EPS ( Riyal) (TTM)	4.37
Book Value (BV) ( Riyal)	15.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.69
P/E (TTM)	16.12
Price/book	4.62
Return on Average Assets (%) (TTM)	15.6
Return on Average Equity (%) (TTM)	33.4

Saudi Steel Pipe Co. (SSP)

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Saudi Steel Pipe’s profit rises to SAR 56.1M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Steel Pipe Co. (SSP)

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Saudi Steel Pipe’s profit rises to SAR 56.1M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2021

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Steel Pipe Co. (SSP)

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Business Segments (Million)