Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

Saudi Steep Pipe’s net profit zooms more than 5,700% to $14.45m in 2022 

Saudi Steep Pipe’s net profit zooms more than 5,700% to $14.45m in 2022 

Saudi Steel Pipe Co. has reported that its net profit after zakat and tax increased to SR54.2 million ($14.45 million) in 2022 from SR930,000 in 2021 – an astronomical surge of 5,729 percent.
According to a statement to Tadawul, gross profit rose to SR107.16 million in 2022 from SR27.33 million a year earlier because of better sales volume, improved efficiency and a mix of products sold.

SSP’s profit share in its affiliate Global Pipe Co. also soared to SR9.17 million in 2022 compared to a loss of SR5.23 million in 2021.

Administrative expenses decreased to SR23.20 million in 2022 from SR27.47 million in 2022 due to the reduction in service indemnity costs.

Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021.

In the fourth quarter of 2022, net profit after zakat and tax leaped to SR11.1 million from SR1.57 million in the year-earlier period.

Arabian Internet and Communications Services Co. also reported a 27 percent rise in net profit after zakat and tax to SR1.05 billion in 2022 from SR833 million a year earlier.

The company cited an increase in gross profit by SR303 million as revenue grew by SR1.59 billion year-on-year. This rise was, however, offset by an increase of SR1.29 billion in the cost of revenues.

Revenue mainly improved due to a 30 percent year-on-year increase in core information and communication technology services.

Additionally, revenue from IT-managed operational services and digital services rose 19.4 percent and 7.4 percent, respectively.

However, operating expenses rose by SR42 million year-on-year as general and administrative expenses increased by SR143 million. In addition, zakat and tax expenses saw an increase of SR47 million.

Nayifat Finance Co. reported a 24 percent decline in net profit after zakat and tax to SR171.5 million for 2022 from SR225.1 million a year earlier.

According to a statement to the Saudi Stock Exchange, the profit decline resulted from a higher provision model as per International Financial Reporting Standard 9, Saudi Arabia’s average three-month interbank rate and financing cost.

The company’s total revenues remained flat at SR392 million compared to the year-ago period.

Earnings per share fell to SR1.71 in 2022 from SR2.25 in 2021.

The company also reported an increase in other general and administrative expenses and higher depreciation and amortization due to a rise in cybersecurity and related costs.

The fourth quarter net earnings fell 29.7 percent to SR36.2 million from SR51.4 million a year before.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×