Saudi Steel Pipe Co. (SSP) reported a substantial increase in net profit, reaching SAR 147.9 mln (USD 39.3 mln) in H1 2024, a 58pct rise YoY. This growth was driven by higher sales revenues and volumes, including results from its acquisition of a larger stake in Global Pipe Company.
SSP expanded its ownership in Global Pipe Co. to 57.27pct by acquiring an additional 22.27pct from EEW Holding GMBH & Co KG. Located in Jubail City, Global Pipe Co. produces Longitudinally Submerged Arc Welded (LSAW) pipes ranging from 16″ to 60″.
SSP’s sales revenue for H1 2024 increased to SAR 987.3 mln (USD 263 mln), up from SAR 528.2 mln in the same period last year.
SSP specializes in manufacturing and supplying Electrically Resistance Welded (ERW) steel pipes, serving the energy, industrial, and construction domains across the Middle East and North Africa. The company offers a comprehensive array of products, including Oil Country Tubular Goods (OCTG), line pipes, API and premium connections, accessories, and associated services. With an annual production capacity surpassing 400,000 tons and encompassing sizes ranging from 1/2 inches to 20 inches OD, SSP also provides coating services for up to 30 inches and bending services for up to 60 inches OD.
1 USD / 3.75 SAR
