Saudi Steel Pipe Co. (SSP) posted a 9.45pct YoY increase in net profit for the first half of 2025, reaching SAR 162 mln (USD 43.1 mln), according to a stock exchange filing.
The company said the profit boost was mainly due to SAR 54 mln (USD 14.3 mln) in compensation from a land settlement with the sellers of three Dammam land plots purchased in 2010, which are not part of its production facilities.
This gain was partly offset by a lower gross profit in Q2 2025, driven by reduced sales volumes and an unfavorable product mix.
Sales revenue for the first half fell nearly 20pct YoY to SAR 790 mln (USD 210.3 mln), reflecting weaker demand.
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
