SSP fourth quarter net income increases to SR 14 million

16/01/2013 08:34 AST

SAUDI STEEL PIPE COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2012 (TWELVE MONTHS).

1) Net income for the fourth quarter increased to SR 14 million which is 5.2% higher than the same period last year of SR 13.3 million and has increased by 57.3% compared to third quarter 2012 of SR 8.9 million.

2) Gross profit for the fourth quarter increased to SR 24.8 million which is 7.8% higher than the same period of last year of SR 23 million.

3) Operating profit for the fourth quarter increased to SR 15.2 million which is higher than the same period last year of SR 13.9 million by 9.3%.

4) Net profit for the twelve months of 2012 decreased to SR 53.7 million which is (17.5%) lower than same period last year of SR 65.1 million.

5) Earnings per share (EPS) for the twelve months of 2012 at SR 1.05 which is lower than same period last year at SR 1.28.

6) The gross profit for the twelve months of 2012 at SR 96.2 million is lower than the same period of last year at SR 99.4 million or a decrease by (3.2%)

7) Operating profit for the twelve months of 2012 decreased to SR 57.7 million which is (12.7%) lower than same period of last year of SR 66.1 million.

8) The reason for the increase in profit for the fourth quarter 2012 compared to same period of last year due to increase in sales from SR 172.2 million to SR 179.8 million by 4.4% and has started the delivery of Aramco project order.

9) Net income for the full year 2012 compared to full year 2011 has decreased mainly due to increase in raw material price and the low margin on the medium diameter casing pipes sales particularly on agricultural sector local market, although total sales for the year 2012 at SR 726 million increased by 15% compared to last year of SR 629 million and delivered quantity for the year 2012 total at 163 thousand tons increased by 14.7% compared to last year of 142 thousand tons.

10) The reason for the increase in profit for the fourth quarter 2012 compared to third quarter of this year because of increase in sales from SR 152.1 million to SR 179.8 million by 18.2% and has started the delivery of Aramco project order.

Tadawul