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Saudi Steel Pipe Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 515 | 167 | 208.383 | 489 | 5.316 |
| Gross Profit (Loss) | 107 | 24 | 345.833 | 103 | 3.883 |
| Operational Profit (Loss) | 90 | 7 | 1,185.714 | 92 | -2.173 |
| Net profit (Loss) | 76 | 6 | 1,166.666 | 86 | -11.627 |
| Total Comprehensive Income | 76 | 6 | 1,166.666 | 84 | -9.523 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 778 | 557 | 39.676 |
| Profit (Loss) per Share | 1.11 | 0.13 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| 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 increased to SAR 515 million for the first quarter of financial year 2024 (“Q1 2024”) from SAR 167 million for the first quarter of financial year 2023 (“Q1 2023”) as a result of the increase in volume mainly due to consolidating the results of Global Pipe Company (“GPC”) in Q1 2024. |
| 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 76 million for Q1 2024 compared to a net profit of SAR 6 million for Q1 2023 is due to the following main reasons: a) Gross profit increased to SAR 107 million in Q1 2024 from SAR 24 million in Q1 2023, as a result of the increase in volume mainly due to consolidating the results of GPC in Q1 2024, and improved mix of products sold. b) Selling, marketing and distribution expenses decreased to SAR 6 million in Q1 2024 from SAR 8 million in Q1 2023 mainly as a result of a non-recurrent logistics charge recorded in Q1 2023. c) Trade receivables bad debt provision decreased to SAR 0.2 million in Q1 2024 from SAR 2 million in Q1 2023. The above-listed positive changes were partially offset by an increase in financial charges to SAR 9 million in Q1 2024 from SAR 3 million in Q1 2023 as a result of consolidating GPC results in Q1 2024 and an increase in administrative expenses to SAR 12 million in Q1 2024 from SAR 6 million in Q1 2023 mainly as a result of consolidating GPC results in Q1 2024. In addition, Q1 2023 included a share of profit in an affiliate amounting to SAR 4 million related to the previously held 35% interest in GPC accounted for using the equity method. The EBITDA represents earnings before interest, tax, depreciation, and amortization. SSP recorded an EBITDA of SAR 106 million in Q1 2024, compared to SAR 17 million in Q1 2023. Due to the increase in working capital, SSP recorded a negative free cash flow of SAR (33) million in Q1 2024 compared to a positive free cash flow of SAR 38 million in Q1 2023. Net debt increased to SAR 350 million at the end of Q1 2024 from SAR 106 million at the end of Q1 2023 due to consolidating the financial position of GPC in Q1 2024. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue increased to SAR 515 million for Q1 2024 from SAR 489 million for the fourth quarter of financial year 2023 (“Q4 2023”) mainly as a result of the increase in volume. |
| 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 76 million in Q1 2024 compared to net profit of SAR 86 million for Q4 2023 is due to the following main reasons: a) Net zakat and tax expense amounting to SAR (4) million in Q1 2024 compared to a net benefit amounting to SAR 5 million in Q4 2023. b) Other income decreased to SAR 1 million in Q1 2024 from SAR 5 million in Q4 2023. The above-listed negative changes were partially offset by an increase in gross profit to SAR 107 million in Q1 2024 from SAR 103 million in Q4 2023. The EBITDA represents earnings before interest, tax, depreciation, and amortization. SSP recorded a positive EBITDA of SAR 106 million in Q1 2024, compared to SAR 108 million in Q4 2023. Due to the increase in working capital, SSP recorded a negative free cash flow of SAR (33) million in Q1 2024 compared to a positive free cash flow of SAR 228 million in Q4 2023. Consequently, net debt increased to SAR 350 million at the end of Q1 2024 from SAR 319 million at the end of Q4 2023. |
| Statement of the type of external auditor's report | Notice |
| 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) | We draw attention to note 18 to the accompanying interim condensed consolidated financial statements. Electronic title deeds related to certain plots of land recorded by the Group became inactive due to a cancellation by the Court order, which management became aware of during the year 2021. Our conclusion is not modified with respect to this matter. |
| Reclassification of Comparison Items | - |
| Additional Information | See attached document for the highlights of the quarter. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 77.7
Net Change -2.9 (-3.6%)
Value Traded (Sar) 81,840,252.5
Volume Traded 1,041,898
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