SSP’s net profit falls in Jan-Sep 2026

Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 109 mln (USD 29.1 mln) in the first nine months of 2026, down 25.9pct YoY from SAR 147 mln.

The decline in nine-month net profit was mainly due to a SAR 54 mln (USD 14 mln) land settlement compensation recorded in the same period of 2025. Lower selling, marketing and distribution expenses partially offset the impact.

Revenue declined 7.4pct YoY to SAR 955 mln (USD 254.7 mln), compared with SAR 1.03 bln in the same period last year, mainly due to lower sales volumes.

The company recorded EBITDA of SAR 243 mln (USD 65 mln) in the first nine months, compared with SAR 241 mln a year earlier.

In the third quarter, net profit increased 3.8pct YoY to SAR 27 mln (USD 7.2 mln), while revenue rose 9.1pct to SAR 263 mln (USD 70 mln), supported by higher sales volumes and changes in the product mix.

SSP manufactures electrically resistance welded (ERW) steel pipes for the energy, industrial, and construction sectors across the Middle East and North Africa. The company's product portfolio includes oil country tubular goods (OCTG), line pipes, API and premium connections, accessories, and related services. SSP has an annual production capacity exceeding 400,000 tons. In January 2019, Tenaris acquired a 47.79pct stake in SSP, after which the company was rebranded as TenarisSaudiSteelPipes.

1 USD / 3.75 SAR