Riyadh – Mubasher: Saudi Steel Pipe Company’s general assembly recently approved not to distribute any dividends to shareholders for fiscal year (FY) ending on 31 December 2019.

It further discharged the Board of Directors from liability for 2019 and approved the financial statements for last year, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Moreover, a remuneration worth SAR 2.76 million will be granted to board members for 2019.

Last year, the Tadawul-listed firm saw an annual decline in net losses by 84% to SAR 26.83 million, as shown in its estimated annual consolidated financials.