Saudi Steel Pipe Co. Announces its Annual Consolidated Financial Results for the Period Ending on 31-12-2023

Saudi Steel Pipe Co. Announces its Annual Consolidated Financial Results for the Period Ending on 31-12-2023

Net profit of SAR 217 million for FY 2023 compared to a net profit of SAR 54 million for FY 2022 is mainly due to the following reasons: a) Gross profit increased to SAR 283 million in FY 2023 from SAR 107 million in FY 2022, as a result of the increase in volume mainly due to consolidating the post-acquisition results of GPC, and the improved mix of products sold. b) Recognition of a bargain purchase gain amounting to SAR 40 million in FY 2023 as a result of acquiring an additional 22.27% interest in GPC which increased SSP total ownership interest to 57.27%. c) Other income increased to SAR 10 million in FY 2023 from SAR 3 million in FY 2022, mainly due to consolidating the post-acquisition results of GPC. d) Zakat and tax expense decreased to SAR 7 million in FY 2023 from SAR 10 million in FY 2022, due to consolidating the post-acquisition results of GPC which include deferred tax reversal in the period. The above listed positive changes were partially offset by an increase