Saudi Steel Pipe Co. announces its Annual Consolidated Financial Results for the Period Ending on 31-12-2021
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 373.5 | 474.9 | -21.351 | ||
| Gross Profit (Loss) | 27.3 | 19.1 | 42.931 | ||
| Operational Profit (Loss) | -5.4 | -33.2 | -83.734 | ||
| Net Profit (Loss) after Zakat and Tax | 0.9 | -34.5 | - | ||
| Total Comprehensive Income | 2 | -34.9 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 495.2 | 493.2 | 0.405 | ||
| Profit (Loss) per Share | 0.018 | -0.682 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit of SR 0.93 million for financial year ending 31 December 2021 (“FY 2021”) compared to a net loss of SR (34.48) million for financial year ending 31 December 2020 (“FY 2020”) is mainly due to the following reasons: |
a) Profit from discontinued operations increased to SR 18.92 million in FY 2021 as compared to a loss of SR (1.36) million in FY 2020, mainly as a result of the gain recorded in FY 2021 on the sale of the main operating assets of company’s wholly owned subsidiary Titanium Steel & Manufacturing Co. Ltd. (TSM).
b) Administrative expenses decreased to SR 27.47 million in FY 2021 from SR 41.63 million in FY 2020, mainly due to the reduction of structural costs and service indemnity costs.
c) Gross profit increased to SR 27.33 million in FY 2021 from SR 19.14 million in FY 2020, mainly due to improvement in the industrial efficiency and reduction of production costs.
d) Other income amounting to SR 3.19 million in FY 2021 as compared to other expenses of SR (0.34) million in FY 2020, mainly due to the reversal of certain excess provisions in FY 2021.
The above listed positive changes were partially offset by the share of loss in an associate company (Global Pipes Company) amounting to SR (5.23) million in FY2021 compared to a share of profit amounting to SR 4.77 million in FY 2020.
The EBITDA represent earnings before interest, tax, depreciation and amortization. Adjusted EBITDA excludes non-recurrent charges.
SSP recorded a positive EBITDA of SR 39.61 million in FY 2021, including non-recurring charges, compared to SR 10.34 million in FY 2020. Excluding non-recurring charges, adjusted EBITDA is SR 44.63 million in FY 2021 compared to SR 29.95 million in FY 2020.
In addition, SSP recorded a positive free cash flow of SR 55.20 million in FY 2021 compared to SR 31.23 million in FY 2020. Net debt decreased to SR 127.98 million as at the end of FY 2021 from SR 217.24 million as at the end of FY 2020. This improvement results from cash discipline measures and working capital management implemented by the company, in addition to the proceeds from the sale of the main operating assets of TSM, a subsidiary fully owned by company.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.