Riyadh - Mubasher: The financial statements of Saudi Steel Pipe Company showed a rise in net profits by 19.84% compared in the first quarter of 2017 compared to the same period last year.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that net profits amounted to SAR 10.21 million in Q1-17 compared to SAR 8.52 million in Q1-16.
According to the company’s bourse filing, the rise in profits is attributed to the improvement in the financial results of Global Pipe Company (associate) and TSM Arabia (subsidiary) despite the decrease in gross profit due to decline in deliveries related to projects and lower sales of commercial pipes.
Total revenues fell by 30.35% in the first quarter of this year to SAR 135.35 million down from SAR 193.34 million in the first quarter of the yeae before.
Saudi Steel Pipe also said that its accumulated losses reached SAR 53.72 million, representing 10.53% of the company’s capital.
