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Arabian Pipes turns to loss in 2018

Arabian Pipes turns to loss in 2018
The Saudi pipe firm’s losses jumped to SAR 89 million in Q4-18
APC
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46.31% 154.80 49.00

Riyadh - Mubasher: Arabian Pipes Company has succumbed to losses during the full-year 2018.

The Saudi firm’s net losses amounted to SAR 122.6 million ($32.66 million) last year, against a net profit of SAR 5.2 million ($1.39 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The firm’s previous-year losses were ascribed to reduced stock, higher prices of global raw material, and delayed delivery of raw materials, along with resuming delayed projects, increasing provisions against receivables, and higher zakat and financing costs.

During the fourth quarter of 2018, the Saudi pipe firm’s losses jumped to SAR 89 million from SAR 2.1 million in the year-ago period.

As for Q3-18, the company reported losses of SAR 16.8 million, logging SAR 33.6 million in the first nine months of last year.