Saudi Steel Pipe Company (SSP), also known as TenarisSaudiSteelPipes, announced its financial results for the first quarter of 2026.
The company’s net sales revenue declined by 15.1pct YoY to SAR 385 mln (USD 102.6 mln), mainly due to lower sales volumes.
SSP recorded EBITDA of SAR 109 mln (USD 29 mln) in Q1 2026, compared to SAR 101 mln in the corresponding quarter of 2025.
Net profit increased slightly to SAR 52 mln (USD 14 mln), compared to SAR 50 mln in the same quarter last year, according to a stock exchange filing.
The company attributed the improvement in net profit mainly to lower selling, marketing and distribution expenses, as well as reduced finance charges. These positive factors were partially offset by lower other income and higher Zakat and income tax expenses.
SSP manufactures electrically resistance welded (ERW) steel pipes for the energy, industrial, and construction sectors across the Middle East and North Africa. The company’s product portfolio includes oil country tubular goods (OCTG), line pipes, API and premium connections, accessories, and related services. SSP has an annual production capacity exceeding 400,000 tons.
In January 2019, Tenaris acquired a 47.79pct stake in SSP for approximately USD 141 mln, after which the company was rebranded as TenarisSaudiSteelPipes.
1 USD / 3.75 SAR