Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) on Thursday reported a 67% year-on-year growth in its net losses after calculating Zakat and Tax during the third quarter of 20118, registering SAR 24.15 million ($6.44 million) compared to SAR 14.46 million ($3.86 million) in the year-ago period.
SSP attributed the third-quarter growth in losses to a drop in project deliveries due to a delay in receiving raw materials, incurring losses in a unit, TSM Arabia, along with a decline in commercial pipes’ sales, according to a bourse filing.
Revenues tumbled 35% to SAR 126.48 million during Q3-18, compared to SAR 194.56 million in Q3-17.
Quarter-on-quarter, losses decreased 34.4% in the three-month period ended September, from SAR 36.83 million in Q2-18.
During the first nine months of 2018, SSP turned to loss after suffering SAR 66.01 million, against a net profit of SAR 3.44 million in the year-ago period.
The firm ascribed the negative turn in the nine-month financials to suffer SAR 21 million loss in bending subsidiary, losses in two units, namely Global Pipe Company and TSM Arabia, and a decrease in sales of commercial pipes.
Sales fell 5% to SAR 459.91 million from January to September 2018, compared to SAR 484.67 million in the same period of 2017.
SSP’s stock rose 6.02% to finish Thursday’s trading session at SAR 20.44.
