Saudi Steel Pipe Company (SSP) reported higher net profit in the first half of 2025, despite a weaker performance in the first quarter and a noticeable recovery in the second. The company posted a net profit of SAR 121 million (USD 32.3 million) for the six-month period, marking a year-on-year increase of around 12%.
In the second quarter alone, SSP recorded a net profit of SAR 93 million (USD 24.8 million), reflecting a 37% increase compared to the same period last year, and a 41% increase from the first quarter of 2025.
The first quarter had shown weaker results, with net profit dropping by 9% y/y to SAR 69 million (USD 18.4 million). This decline was largely due to a rise in selling and distribution expenses.
The improvement in the second quarter was partly attributed to a land settlement agreement related to three plots in Dammam. The company received SAR 54 million (USD 14.4 million) in compensation, which supported profit growth during the period.
Total revenue for the first half was SAR 790 million (USD 210.7 million), a decline compared to the same period in the previous year. However, as debt levels decreased, financing costs dropped from SAR 19 million (USD 5.1 million) to SAR 17 million (USD 4.5 million).
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