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

28/04/2024 Argaam Exclusive

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 %

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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Share Price

Saudi Steel Pipe Co.
69.80
(0.40) (0.57 %)

Saudi Steel Pipe Co. (SSP)

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Financial Ratios
Current
Market Cap (M Riyal) 3,559.80
Enterprise Value (EV) (M) 4,104.61
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) 16.54
P/E (TTM) 16.54
Price/book 4.23
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 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 %
Q1 2022 184.08 99.9 % 28.96 1130.6 % 19.12 411.1 %
Q2 2022 211.82 139.4 % 27.28 465.4 % 17.83 448.2 %
Q3 2022 204.78 145.8 % 30.36 300.4 % 20.33 1539.8 %
Q4 2022 146.94 34.1 % 20.57 63.6 % 9.55 134.5 %
Q1 2023 166.89 (9.3 %) 23.86 (17.6 %) 6.52 (65.9 %)
Q2 2023 361.38 70.6 % 92.58 239.4 % 74.94 320.2 %
Q3 2023 317.00 54.8 % 64.00 110.8 % 53.00 160.7 %
Q4 2023 488.97 232.8 % 103.37 402.6 % 86.21 802.4 %
Q1 2024 514.94 208.5 % 106.83 347.8 % 88.61 1258.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2022 14.53 271.4 % 0.28 - 14.53 0.28
Q2 2022 11.74 245.4 % 0.23 - 11.74 0.23
Q3 2022 16.79 5.5 % 0.33 - 16.79 0.33
Q4 2022 11.14 609.9 % 0.22 - 11.14 0.22
Q1 2023 6.37 (56.1 %) 0.12 - 6.37 0.12
Q2 2023 84.56 620.1 % 1.66 30.66 53.91 1.06
Q3 2023 24.96 48.6 % 0.49 - 24.96 0.49
Q4 2023 57.16 413.2 % 1.12 - 57.16 1.12
Q1 2024 56.11 780.6 % 1.10 - 56.11 1.10

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 %
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 %)
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 %
Q1 2023 13.97 % 13.19 % 6.30 %
Q2 2023 19.02 % 17.69 % 10.02 %
Q3 2023 20.26 % 19.58 % 9.71 %
Q4 2023 21.27 % 20.76 % 10.67 %
Q1 2024 21.80 % 21.70 % 11.42 %


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 13.06
Q4 2023 51.00 3.39 2.79 14.15
Q1 2024 51.00 4.37 3.77 15.25

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

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 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 %

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