Riyadh – Mubasher: Arabian Pipes Company on Thursday reported turning to losses during the third quarter of 2018, against achieving profits in the year-ago period.

The firm’s net losses after calculating Zakat and Tax hit SAR 16.8 million ($4.48 million) during Q3-18, against SAR 6.6 million ($1.76 million) in profits Q3-17, according to a bourse statement.

Year-on-year, revenues jumped 35% year-on-year to SAR 186.2 million, from SAR 137.9 million.

The company suffered SAR 8 million operating losses in Q3-18, against SAR 14.8 million in operating profits in the same period the year before.

Quarter-on-quarter, losses increased by 113%, from SAR 7.9 million.

At the level of the first nine months, Arabian Pipes suffered SAR 33.6 million losses, against generating SAR 7.3 million profits in the same period of 2017.

Arabian Pipes attributed its incurred losses in both the quarter and the nine-month period to a delay in delivering some projects, it said, adding that a rise in the prices of raw materials also contributed to the losses.

The Saudi pipe firm's sales grew 27.7% to SAR 473.9 million from January to September 2018 from SAR 371.1 million in the corresponding months the year before.

Year-on-year, the company suffered SAR 13.4 million in operating losses, against SAR 26.8 million in operating profits.

By 10:52 am Saudi time, Arabian Pipes' stock fell 2.02% to SAR 9.70.