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Saudi Steel Pipe Company reported a net profit of SR0.93 million ($247,843) for the financial year ending December 31, 2021 compared to a net loss of SR34.48 million for the previous year.
The company posted SR373.5 million revenues in 2021, down 21.35% from SR474.9 million in the 2020 financial year, according to a statement filed at Saudi Exchange.
Gross profit increased to SR27.33 million in FY 2021 from SR19.14 million in FY 2020, mainly due to improvement in the industrial efficiency and reduction of production costs, the company said.
SSP recorded a positive EBITDA of SR39.61 million in FY 2021, including non-recurring charges, compared to SR10.34 million in FY 2020. Excluding non-recurring charges, adjusted EBITDA is SR44.63 million in FY 2021 compared to SR 29.95 million in FY 2020.