Riyadh - Mubasher: Saudi Steel Pipe Company recorded SAR 30 million in net profit during the second quarter (Q2) of 2026, an annual drop of 57.75% from SAR 71 million.
The company attributed the decrease primarily to the recording of an expected credit loss provision and the absence of a SAR 54 million land settlement gain that bolstered results in the prior-year quarter.
Revenue for the three-month period ended on 30 June 2026 reached SAR 306 million, representing an 8.93% decrease from SAR 336 million in Q2-25.
Management cited a change in the sales mix as the driver for the lower turnover. Operating profit also retreated to SAR 47 million, down from SAR 52 million a year earlier.
For the first half (H1) of 2026, the company’s net profit reached SAR 82 million, a 32.23% decrease compared to SAR 121 million in H1-25.
Despite the lower bottom line, the firm achieved a historic net cash position of SAR 175 million by the end of the period, improving from a net debt of SAR 141 million in June 2025.
Earnings per share (EPS) for the six-month period hit SAR 1.63, down from SAR 2.40.
On 22 July, the listed company secured a contract with Saudi Arabian Oil Company (Aramco) for the supply of oil and gas steel pipes valued at approximately SAR 92.70 million.
