Saudi Steel Pipe Co. (SSP) reported a 9.2pct decline in net profit for the first quarter of 2025, falling to SAR 69 mln (USD 56.6 mln), according to a disclosure filed with the stock exchange.
The company attributed the decrease in profitability primarily to higher selling, marketing, and distribution expenses. However, SSP noted that the negative impact was partially offset by an increase in gross profit, driven by improved operational efficiency and a favorable product mix.
Meanwhile, sales revenue dropped nearly 12pct YoY to SAR 454 mln, as a result of lower sales volumes.
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