Saudi Steel Pipe’s profit up

Riyadh, Saudi Arabia–Saudi Steel Pipe Co. has posted a 5,729 percent increase in net profit to $14.45 million in 2022.  

According to a statement released by the company on Tadawul, gross profit rose to $29 million in 2022 from $7.28 million a year earlier because of better sales volume, improved efficiency and a mix of products sold.  

SSP’s profit share in its affiliate Global Pipe Co. also soared to SR9.17 million in 2022 compared to a loss of SR5.23 million in 2021.  

Administrative expenses decreased to SR23.20 million in 2022 from SR27.47 million in 2022 due to the reduction in service indemnity costs.  

Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021.  

In the fourth quarter of 2022, net profit after zakat and tax leaped to SR11.1 million from SR1.57 million in the year-earlier period.