Riyadh – Mubasher: The estimated annual consolidated financial results of Saudi Steel Pipe Company (SSP) showed a decline in net losses by 84% last year to SAR 26.83 million, down from SAR 168.66 million for 2018.

This resulted from the company not recording impairment losses from a subsidiary company (TSM Arabia), which achieved SAR 51.9 million impairment charges in 2018; and a factory that recorded SAR 21 million impairment charges in the year before.

Moreover, no provisions incurred in 2019 for liability against guarantee compared to SAR 30 million charged last year against guarantee to an investee company, namely Polysilicon Technology Company.

SSP also registered a 3.9% increase in revenues, and annual gross profit reached SAR 13.2 million compared to SAR 2.1 million in gross losses in 2018.

In addition, SSP saw the recognition of a tax benefit of SAR 13.5 million last year, compared to a zakat and income tax charge of SAR 2.3 million in 2018.

The company also explained the improvement in its financial indicators to lower marketing, sales, and distribution expenses, as well as trade receivables impairment charges.