Saudi Steel Pipe Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Saudi Steel Pipe Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

All figures are in (Millions) Saudi Arabia, Riyals

Element List

Current Period

Similar period for previous year

%Change

Sales/Revenue

528.27

395.9

33.44

Gross Profit (Loss)

116.44

56.23

107.08

Operational Profit (Loss)

81.01

38.53

110.25

Net Profit (Loss) after Zakat and Tax

93.82

26.27

257.14

Total Comprehensive Income

93.82

26.27

257.14

Total Share Holders Equity (after Deducting Minority Equity)

641.45

521.48

Profit (Loss) per Share

1.8

0.52

All figures are in (Millions) Saudi Arabia, Riyals

Accumulated Losses

Capital

Percentage %

510

All figures are in (Millions) Saudi Arabia, Riyals

Element List

Explanation

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 SR 87.45 million for the second quarter of financial year 2023 (“Q2 2023”) compared to a net profit of SR 11.74 million for the second quarter of financial year 2022 (“Q2 2022”) is due to the following main reasons:

a) Gross profit increased to SR 92.58 million in Q2 2023 from SR 27.28 million in Q2 2022, mainly as a result of the increase in volume partially due to Global Pipe Company acquisition, improved efficiency and mix of products sold.

b) Recognition of a bargain purchase gain amounting to SR 40.33 million in Q2 2023 as a result of acquiring an additional 22.27% interest in Global Pipe Company which increased SSP total ownership interest to 57.27%.

The above listed positive changes were partially offset by