Saudi Steel Pipe Co. (SSP) reported a 7pct YoY decline in net profit for the first nine months of 2025, reaching SAR 198 mln (USD 53 mln), the company said in a stock exchange filing.
The profit decline was primarily attributed to lower sales volumes. However, it was partially offset by SAR 54 mln (USD 14.4 mln) in compensation from a land settlement related to three Dammam plots purchased in 2010, which are not part of its production facilities. Additional support came from higher other income and lower zakat and income tax expenses.
Sales revenue for January-September 2025 fell nearly 25pct YoY to SAR 1 bln (USD 266 mln). SSP noted that it continues to hold a strong project backlog, with financial contributions expected to be realized in the coming periods.
In the third quarter of 2025, SSP’s net profit dropped 44.6pct to SAR 36 mln (USD 9.6 mln), while revenue declined 37pct YoY to SAR 241 mln (USD 64 mln).
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
