Saudi Steel Pipe Reports SAR 82M Net Profit in the Six Months 2026
SSP 1320.SA | 0.00 |
On 2026-08-06 08:33:17 (Saudi Time), Saudi Steel Pipe Company announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 306 | 336 | -8.928 | 385 | -20.519 |
| Gross Profit (Loss) | 73 | 80 | -8.75 | 109 | -33.027 |
| Operational Profit (Loss) | 47 | 52 | -9.615 | 88 | -46.59 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 30 | 71 | -57.746 | 52 | -42.307 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 30 | 71 | -57.746 | 52 | -42.307 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 692 | 790 | -12.405 |
| Gross Profit (Loss) | 182 | 189 | -3.703 |
| Operational Profit (Loss) | 134 | 133 | 0.751 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 82 | 121 | -32.231 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 82 | 121 | -32.231 |
| Total Shareholders Equity (after Deducting Minority Equity) | 897 | 784 | 14.413 |
| Profit (Loss) per Share | 1.6 | 2.4 | |
| 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 | |||
Year-on-Year Performance Drivers
For the six-month period ending 30 June 2026 (6M 2026), sales/revenue declined 12.405% YoY to SAR 692 million from SAR 790 million in 6M 2025, primarily driven by a decrease in volume. Net profit attributable to shareholders fell 32.231% YoY to SAR 82 million from SAR 121 million, mainly due to a SAR 54 million lands settlement compensation recorded in 6M 2025 (which inflated the prior-year base) and an expected credit loss recorded in 6M 2026, partially offset by lower selling, marketing and distribution expenses (due to non-periodic charges in 6M 2025) and reduced finance charges resulting from decreased borrowings.
Quarter-on-Quarter Performance Drivers
QoQ revenue fell 20.519% to SAR 306 million in 2Q 2026 from SAR 385 million in 1Q 2026, primarily driven by a decrease in sales volume. Net profit attributable to shareholders declined 42.307% to SAR 30 million from SAR 52 million in 1Q 2026, mainly due to lower gross profit resulting from the volume decrease and a higher expected credit loss in 2Q 2026, partially offset by reduced selling, marketing and distribution expenses. EBITDA also dropped to SAR 68 million in 2Q 2026 from SAR 109 million in 1Q 2026.
Other Items
The external auditor issued an unmodified conclusion with no additional comments or reservations noted. No material risks such as going concern issues or debt defaults were flagged in the announcement. No accumulated losses were reported. For the current quarter (2Q 2026), revenue declined 8.928% YoY to SAR 306 million from SAR 336 million in 2Q 2025, driven by the mix of products sold, while net profit attributable to shareholders fell 57.746% YoY to SAR 30 million from SAR 71 million in 2Q 2025, primarily due to a SAR 54 million lands settlement compensation recorded in 2Q 2025 and an expected credit loss recorded in 2Q 2026, partially offset by lower selling, marketing and distribution expenses. EBITDA stood at SAR 68 million in 2Q 2026 compared to SAR 73 million in 2Q 2025. SSP generated a positive free cash flow of SAR 205 million in 2Q 2026, compared to SAR 1 million in 2Q 2025, and achieved a historical net cash position of SAR 175 million at the end of 2Q 2026, compared to a net debt position of SAR (141) million at the end of 2Q 2025. For the six-month period, gross profit declined 3.703% YoY to SAR 182 million, operational profit rose 0.751% YoY to SAR 134 million, EBITDA was SAR 176 million versus SAR 174 million in 6M 2025, free cash flow was SAR 206 million versus SAR 211 million in 6M 2025, total shareholders' equity increased 14.413% to SAR 897 million from SAR 784 million, and earnings per share were SAR 1.6 compared to SAR 2.4 in 6M 2025.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97337&anCat=1&cs=1320&locale=arAttached PDF document link:
https://www.saudiexchange.sa/Resources/fsPdf/11355_376_2026-08-06_05-18-11_en.pdfImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.