Saudi Steel Pipe narrows accumulated losses to 1.2% of capital

Logo of Saudi Steel Pipe Co. (SSP)

Saudi Steel Pipe Co. (SSP) announced that its accumulated losses stood at SAR 6.2 million, or 1.2% of capital, as of Dec. 31, 2022, the company said in a statement to Tadawul.

The accumulated losses reached SAR 60.4 million (11.8% of capital) in fiscal year ended Dec. 31, 2021, SSP added.

There is no financial impact due to the change in accumulated losses, it noted.

SSP’s net profit skyrocketed to SAR 54.2 million in 2022, from SAR 930,000 in 2021. The fourth quarter earnings amounted to SAR 11.1 million.