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Saudi Steel Pipe turns profitable in Q3

Saudi Steel Pipe turns profitable in Q3
The company's third-quarter revenue stood at SAR 156.55 million.
-1.17% 29.65 -0.35

Riyadh - Mubasher: Saudi Steel Pipe Company (SSP) returned to profitability in the quarter ended on 30 September 2020, achieving SAR 9.58 million in net profits, compared to net losses of SAR 14.12 million in the year-ago period.

The move to profits was driven by a higher gross profit at SAR 23.32 million due to an upswing in sales and an improvement in product mix. Moreover, the firm saw a decrease in selling, marketing, and distribution expenses, according to a bourse statement on Thursday.  

In contrast, administrative expense increased to SAR 9.13 million during the quarter.           

Third-quarter revenue stood at SAR 156.55 million, marginally down by 0.8% from SAR 157.8 million last year.

During the period from January to September, the company’s losses deepened by 46.95% yearly to SAR 35.21 million.