Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) on Monday reported turning to loss during the fourth quarter of 2018.

SSP’s losses after calculating Zakat and Tax amounted to SAR 100.64 million in Q4-18, against a profit of SAR 15.65 million during Q4-17, according to a bourse filing.

The company attributed the fourth-quarter losses to a rise in net losses in the unit (TSM Arabia), coupled with a decline in project deliveries for pipes due to delay in raw material deliveries and higher raw material prices.

Sales fell 12% to SAR 186.29 million by the end of Q4-18, from SAR 211.75 million in the same period last year.

Quarter-on-quarter, profits increased largely by 317% in the October-December period of 2018, from SAR 24.15 million.

SSP’s losses after calculating Zakat and Tax amounted to SAR 166.66 million for the full-year 2018, against a profit of SAR 19.09 million during 2017.

The company ascribed turning to loss last year to a drop in the financial performance of associate company (Global Pipe Company’s financial performance.

Year-on-year, revenues fell 7.2% to SAR 646.2 million in 2018, from SAR 696.42 million.

By 10:27 am Saudi time, SSP's stock fell 3% to SAR 17.46.