Riyadh – Mubasher: Arabian Pipes Company suffered net losses after Zakat and tax worth SAR 16.8 million during the third quarter (Q3) of 2021, increasing by 380% year-on-year (YoY) from SAR 3.5 million.

Revenues plunged by 42% YoY to SAR 92.6 million in Q3-21 from SAR 162 million in Q3-20, according to the initial income statements on Wednesday.

During the nine-month period that ended in September 2021, Arabian Pipes also incurred net losses worth SAR 28.9 million, down 26% YoY from SAR 39.1 million.

The loss per share stood at SAR 0.72 at the end of September 2021, compared to SAR 0.98 in the same period a year earlier.

Revenues soared by 26% YoY to SAR 346 million in January-September 2021 from SAR 273.9 million.

At the end of the nine-month period this year, the accumulated losses of Arabian Pipes reached SAR 340 million, representing 85% of the SAR 400 capital.