Financial Results : Saudi Steel Pipe narrows net loss in FY2019

Saudi Steel Pipe narrows net loss in FY2019

20/02/2020 Argaam Exclusive

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Saudi Steel Pipe Co. posted a net loss after zakat and tax of SAR 26.83 million for the fiscal year (FY) 2019, a decline by 84% year-on-year (YoY), as compared to SAR 168.66 million in FY2018.

 

The company attributed the earnings to the absence of impairment losses from its subsidiary TSM Arabia and its bending factory, it said in a bourse statement.

 

The company also cited a decrease in selling, marketing and distribution expenses to SAR 14.1 million in FY2019 as well as an improvement in gross profits to SAR 13.2 million in the same period.

 



Financials (M)

Item 2018 2019 Change‬
Revenues 646.20 671.55 3.9 %
Gross Income (2.07) 13.18 736.3 %
Operating Income (51.42) (34.82) 32.3 %
Net Income (168.66) (26.83) 84.1 %
Average Shares 51.00 51.00 -
EPS (Riyals) (3.31) (0.53) 84.1 %

Sales revenue also jumped 3.93% to SAR 671.6 million in FY2019.

 

In Q4 2019, the company narrowed its losses to SAR 2.9 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 186.29 156.60 (15.9 %)
Gross Income (6.61) (0.36) 94.6 %
Operating Income (20.96) (15.50) 26.0 %
Net Income (102.65) (2.87) 97.2 %
Average Shares 51.00 51.00 -
EPS (Riyals) (2.01) (0.06) 97.2 %

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