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Saudi Steel Pipe turns profitable in Q1

Saudi Steel Pipe turns profitable in Q1
SSP’s net profits amounted to SAR 320,000 in Q1
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Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) reported turning a profit in the first quarter of 2019, as compared to the year-ago period.

SSP’s net profits amounted to SAR 320,000 in Q1-19, versus losses of SAR 5.04 million in the corresponding period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The company ascribed the positive turn in its Q1-19 financials to a reversal of impairment for receivables and a drop in zakat and income tax charges.

In addition, an associate company of SSG also turned to profitability in Q1-19, the statement added.

As for Q4-18, the company turned to losses of SAR 100.64 million, against a profit of SAR 15.65 million during Q4-17.