Saudi Steel Pipe’s board recommends dividend freeze for FY16

Saudi Steel Pipe Co.’s board of directors has recommended withholding dividend for fiscal year 2016 as the company did not make a profit, it said in a statement to Tadawul.

The firm posted a net loss of SAR 46 million in 2016, compared to a net profit of SAR 33 million for the same period in 2015. 

Losses were attributed to an impairment in an associate investment, the disposal of fixed assets, the write-down of raw materials and finished goods inventory, an increase in depreciation, as well as a decrease in demand for products.