Saudi Steel Pipe Company (SSP), also known as TenarisSaudiSteelPipes, reported resilient financial results for the year ended 31 December 2025, supported by strong cash flow generation and a marked improvement in leverage, despite a decline in sales.
The company’s net sales fell 13pct YoY to SAR 1.41 bln (USD 376 mln), while operating income eased to SAR 257 mln (USD 68.5 mln), down by nearly 17pct YoY. However, SSP recorded a 6pct YoY increase in net profit to SAR 192 mln (USD 51 mln), according to a stock exchange filing.
The profit increase was mainly driven by SAR 54 mln (USD 14.4 mln) in compensation from a land settlement related to three plots in Dammam acquired in 2010 and not used for production. Earnings were further supported by higher other income and lower finance costs, reflecting reduced borrowings during the year.
SSP manufactures and supplies electrically resistance welded (ERW) steel pipes for the energy, industrial and construction sectors across the Middle East and North Africa. Its product range includes oil country tubular goods (OCTG), line pipes, API and premium connections, accessories and related services. The company has an annual capacity of over 400,000 tons, producing pipes from 1/2 inch to 20 inches OD, with coating services up to 30 inches and bending capabilities up to 60 inches OD.
In January 2019, Tenaris acquired a 47.79pct stake in SSP for around USD 141 mln, after which the company was rebranded as TenarisSaudiSteelPipes.
1 USD / 3.75 SAR
