Riyadh – Mubahser: Arabian Pipes Company’s net losses have narrowed 77.17% in the first quarter of 2017, compared to the same quarter in 2016, according to a bourse filing on Wednesday.

Net losses amounted to SAR 2.5 million in Q1-17, compared to net losses of SAR 10.95 million in the same period in 2016.

Quarter-on-quarter, the company’s net losses surged 594% in Q1-17, compared to SAR 360,000 losses in Q1-16.

“The decrease in net loss was due to a 83% increase in sales as a result of Jubail plant operation, as well as a decline in shipping costs,” according to the company’s statement to the Saudi Stock Exchange (Tadawul).

“Financing expenses increased due to higher lending rates and increased loans to finance contracted projects, as well as high cost of sales as a result of the rise in prices of raw materials globally,” the statement added.

Total sales increased 83% to reached SAR 114 million in the first three months of 2017, compared to SAR 62 million in the same period last year.

The company had previously reported a net profit amounting to SAR 4.31 million in 2016, compared to SAR 46.46 million in 2015