SSP 2024 Profit Rises 15% to SAR 250 Million

Saudi Steel Pipe Co. (SSP) announced on Thursday that its net profit increased by 15% to SAR 250 million by the end of 2024, compared to SAR 217 million in 2023, following the announcement today of the annual financial results ending on Dec. 31, 2024.

The operational profit increased by 36% to SAR 307 million by the end of 2024, compared to SAR 225 million last year.

The total equity (after excluding non-controlling interests) increased by 19% to SAR 862 million in the current period, compared to SAR 722 million in the corresponding period of 2023.

The profits per share for the current year amounted to SAR 3.57, compared to SAR 3.42 in the corresponding period of 2023.

The Company stated in a statement today on “Tadawul” that revenues increased to SAR 1,630 million in the financial year ending on Dec. 31, 2024 (“FY 2024”) from SAR 1,335 million in the financial year ending on Dec. 31, 2023 (“FY 2023”) due to the increase in sales volume, which is mainly due to the consolidation of the results of the Global Pipe Company (“GPC”) for the full year in FY 2024 compared to the consolidation of its results as of May 17 in FY 2023.