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Saudi Steel Pipe’s losses surge 28.7% in 2020

Saudi Steel Pipe’s losses surge 28.7% in 2020
The company's revenues decreased by 24.3% yearly in 2020 to SAR 508.5 million.
SSP
1320
-1.17% 29.65 -0.35

Riyadh - Mubasher: The net losses of Saudi Steel Pipe Company (SSP) widened by 28.7% on a yearly basis in 2020 to stand at SAR 34.5 million from SAR 26.8 million in 2019.

The Tadawul-listed firm ascribed the hike in its annual losses mainly to the effects of the Covid-19 pandemic and the lower oil prices, according to a bourse disclosure on Thursday.

Revenues decreased by 24.3% last year to SAR 508.5 million, compared to SAR 671.6 million a year earlier.