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Saudi Steel Pipe records SAR 14.5m profits in Q1-22

Saudi Steel Pipe records SAR 14.5m profits in Q1-22
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Riyadh – Mubasher: Saudi Steel Pipe Company has achieved net profits after Zakar and tax of SAR 14.53 million in the first quarter (Q1) of 2022, against net losses of SAR 8.48 million in the year-ago period.

The company's revenues hiked by 99.91% to SAR 184.08 million in Q1-22 from SAR 92.08 million in the same quarter of 2022, according to a bourse filing on Thursday.

The earnings per share (EPS) settled at SAR 0.29 in the first three months (3M) of 2022, against losses per share of SAR 0.17 in the corresponding period of the earlier year.

It is noteworthy to mention that in 2021, the company recorded net profits of SAR 900,000, compared to net losses of SAR 34.5 million in the earlier year.