Riyadh – Mubasher: The Saudi Steel Pipe Co announced a 72.39% year-on-year decrease in losses during the second quarter of 2019.

Net losses of the period shrank to SAR 10.17 million from SAR 36.83 million in Q2-18, according to a disclosure on the Saudi Stock Exchange’s (Tadawul) website on Thursday.

Saudi Steel Pipe has attributed the decline in Q2-19 losses to several factors, including non-recurring fixed assets impairment charges of SAR 21 million as well as a decline in selling, marketing, and distribution expenses amounting to SAR 2.94 million compared to SAR 4.49 million in Q2-18.

During the first six months of 2019, the company registered a decrease of 76.49% in losses to SAR 9.84 million from SAR 41.86 million in H1-18.

It is worth noting that in the first quarter of 2019, the Saudi Steel Pipe turned profitable at SAR 320,000 against losses of SAR 5.04 million in Q1-18.