Saudi Steel Pipe Co. (SSP) widened its net loss after Zakat and tax to SAR 34.5 million in 2020 from SAR 26.8 million a year earlier.
The company attributed the increase in loss to an increase in administrative expenses to SAR 45.49 million, and a decline in Zakat and income tax benefits to SAR 0.72 million in 2020, from SAR 13.52 million a year earlier.
SSP’s profit share from its associate, Global Pipe Co., decreased to SAR 4.77 million from SAR 8.94 million a year earlier.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 671.55 | 474.90 | (29.3 %) |
| Gross Income | 13.18 | 19.14 | 45.3 % |
| Operating Income | (34.82) | (32.85) | 5.7 % |
| Net Income | (26.83) | (34.48) | (28.5 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (0.53) | (0.68) | (28.5 %) |
The fourth-quarter net profit after Zakat and tax stood at SAR 714,000.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 156.60 | 154.73 | (1.2 %) |
| Gross Income | (0.36) | 8.11 | 2360.2 % |
| Operating Income | (15.50) | (0.01) | 100.0 % |
| Net Income | (2.87) | 0.74 | 125.7 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (0.06) | 0.01 | 125.7 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 150.32 | 154.73 | 2.9 % |
| Gross Income | 21.46 | 8.11 | (62.2 %) |
| Operating Income | 12.61 | (0.01) | (100.0 %) |
| Net Income | 9.58 | 0.74 | (92.3 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.19 | 0.01 | (92.3 %) |
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