Riyadh – Mubasher: Arabian Pipes Co board of directors on Sunday approved appointing Ahmed Ali Al Lohaidan as the new CEO, effective 24 July 2017.

The pipes company’s profits decreased 77.17% in the first quarter of 2017, compared to the year-ago period.

Net losses amounted to SAR 2.5 million in Q1-17, compared to SAR 10.95 million in Q1-16.

By 11:39 am Saudi time, Arabian Pipes Co’s stock increased 0.44% to SAR 13.82.