Financial Results : Saudi Steel Pipe widens 2020 net losses to SAR 34.5 mln

Saudi Steel Pipe widens 2020 net losses to SAR 34.5 mln

25/02/2021 Argaam Exclusive

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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.



Financials (M)

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 -
Earnings Per Share before unusual items (Riyals) (0.53) (0.68) (28.5 %)
EPS (Riyal) (0.53) (0.68) (28.5 %)

The fourth-quarter net profit after Zakat and tax stood at SAR 714,000.



Current Quarter Comparison (M)

Compared With The
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 -
Earnings Per Share before unusual items (Riyal) (0.06) 0.01 125.7 %
EPS (Riyal) (0.06) 0.01 125.7 %

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