Mubasher: Saudi Vitrified Clay Pipes Co registered a decline of 84.78% in profits during fiscal year 2018 compared to the prior year, according to a bourse disclosure on Monday.

Net earnings shrank to SAR 4.4 million in FY18 from SAR 28.9 million in FY17.

The plunge in annual profits is attributed to lower sales due to lower demand for pipes, in addition to higher costs.

In the fourth quarter of 2018,

Vitrified Clay Pipes’ financial turned to profits at SAR 200,000 against a loss of SAR 400,000 in the same quarter in 2017.