RIYADH: 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.
