Riyadh – Mubasher: Arabian Pipes Company on Thursday announced that its losses hiked 252% year-on-year for the first quarter of 2018.

Net losses amounted to SAR 8.8 million in Q1-18, compared to SAR 2.5 million in the year-ago period, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Operational profits rose 7.4% to SAR 5.1 million in the first three months of the year, versus SAR 2.6 million for the same period a year ago.

Losses per share (LPS) registered SAR 0.22 per share during Q1-18, compared to an LPS of SAR 0.06 per share for the same period of the previous year.

The company attributed the soaring losses to the increase in the prices of raw materials, in addition to higher selling and distribution expenses.

By the end of Thursday’s session, Arabian Pipes’s stock levelled up 1.18% at SAR 12.86.