Riyadh - Mubasher: Arabian Pipes Company reported a 72.97% decline in profits for the second quarter of the year, according to a bourse filing.

The company said in a statement to the Saudi Stock Exchange on Tuesday that profits reached SAR 3.12 million in Q2-17, compared to SAR 11.2 million in Q2-16, and versus losses of SAR 2.5 million in Q1-17.

The decrease in net profits is due to lower average sale price as a result of lower selling prices of some contracts as well as higher prices of raw materials as well as delayed delivery of some contracts, the statement indicated.

Meanwhile, the company posted a 169.6% rise in profits for the first half of the year, as profits totalled SAR 62,000 in H1-17, up from SAR 23,000 in H1-16.