The Clap
Saudi Steel Pipe’s (SSP) (1320) net profit declined to SAR 6.4 million in Q1 2023, compared to SAR 14.5 million in Q1 2022.
What
SSP attributed the decrease in its net profit to the decline in sales volume during Q1, which took a toll on the company’s gross profit.
So What
The company, which is a leading manufacturer and supplier of electrically welded (ERW) rigid pipes, for the energy, industry, and construction sectors in the MENA region, saw its sales decline 9.3% YoY in Q1 2023.
Now What
SSP revealed that its accumulated losses amounted to SAR 6.2 million during the fiscal year ending on December 31, 2022, representing 1.2% of its capital, compared to SAR 60.4 million during the fiscal year ending on December 31, 2021, which represents 11.8% of the company’s capital.
