Riyadh – Mubasher: Saudi Arabia-based Arabian Pipes Company on Wednesday reported turning to loss in the second quarter of 2018.

The firm’s net loss amounted to SAR 7.96 million during Q2-18, compared to a net profit of SAR 3.12 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses decreased by 10.06% during the period between April and June, from SAR 8.85 million.

The Saudi pipes company attributed the second-quarter loss to a growth of raw material prices, coupled with a delay in deliverying some projects.

Sales jumped 37% to SAR 165.7 million in the three-month period ended June, from SAR 120.6 million in the corresponding period a year ago.

During the first six months of 2018, the Tadawul-listed firm also turned to loss after incurring SAR 16.81 million, against SAR 600,000 in profits during H1-17.

Arabian Pipes’ sales levelled up 23.3% to SAR 287.7 million during the January-June period of 2018, compared to SAR 233.2 million in the same six months a year earlier.

Shareholders’ equity, excluding the minority interest, fell 2% to SAR 604.9 million by the end of H1-18, compared to SAR 617 million in the year-ago period.

Arabian Pipes’ stock inched up 0.18% to SAR 10.92.