Saudi Steel Pipe Co. reported net loss after Zakat and tax of SAR 17.8 million for the first quarter of 2020, from a net profit of SAR 320,000 in the same period last year.
The losses were attributed to higher administrative expenses mainly due to end of service indemnity booked in Q1 2020 and lower gross profit as a result of lower volume and product mix.
The company also cited other reasons for net losses including lower share of profit from an affiliate (Global Pipes Co.) and higher trade receivables impairment charges.
When compared to previous quarter, the company’s net losses widened over six-fold due to lower Zakat and tax benefit, higher administrative expenses and lower share of profit from Global Pipes Co..
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 195.31 | 122.34 | (37.4 %) |
| Gross Income | 12.53 | 4.49 | (64.1 %) |
| Operating Income | 2.33 | (18.03) | (874.8 %) |
| Net Income | 0.33 | (17.77) | (5567.7 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.01 | (0.35) | (5567.7 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 156.60 | 122.34 | (21.9 %) |
| Gross Income | (0.36) | 4.49 | 1351.3 % |
| Operating Income | (15.50) | (18.03) | (16.3 %) |
| Net Income | (2.87) | (17.77) | (519.8 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (0.06) | (0.35) | (519.8 %) |
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