Saudi Pipeline losses jump 166% in the second quarter of 2020

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Riyadh – Mubasher: The financial results of the Saudi Steel Pipes Company “Saudi Pipes” showed an increase in net loss during the second quarter of 2020 by 165.7% year-on-year..

According to the company’s financial statements on Tadawul today, the net loss was about 27 million riyals, compared to a loss of 10.17 million riyals in the same quarter of 2019..

The company attributed its net loss to an increase in a total loss of 12.38 million riyals, compared to a total profit of 0.88 million riyals in the second quarter of 2019. This is due to the decrease in sales volume and sales mix.

The company also recorded an increase in administrative expenses that amounted to 12.6 million riyals, compared to 8.35 million riyals in the second quarter of 2019, mainly due to the end-of-service compensation for employees registered in the second quarter 2020.

The company witnessed a decrease in other revenues, which amounted to 0.19 million riyals, compared to other income amounting to 1.40 million riyals in the second quarter of 2019, as a result of recording a deduction and reversal of some of the liabilities due in the second quarter 2019, in addition to increasing the provision for doubtful debts, which amounted to 1.22 million riyals compared to 0.59 million riyals in the second quarter 2019.

Nominations:

Saudi Pipes “turn into losses in the first quarter

Saudi Pipeline shareholders approve not to distribute profits for the year 2019

Saudi pipelines confirm work with its facilities in the second industrial city with a capacity of 30%







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