Financial Results : Saudi Steel Pipe widens 9M 2020 net loss to SAR 35.2 mln

Saudi Steel Pipe widens 9M 2020 net loss to SAR 35.2 mln

05/11/2020 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) widened its net loss after Zakat and tax to SAR 35.2 million in the first nine months of 2020 compared to SAR 24 million in the same period last year.

 

The company attributed the increase in loss to higher administrative expenses and trade receivables impairment charges of SAR 990,000.

SSP’s profit share from its associate, Global Pipe Co., decreased to SAR 5.02 million in the current period versus SAR 6.12 million a year earlier.

 

It was partially offset by lower selling, marketing and distribution expenses, financial charges, and higher gross profit.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 514.96 320.17 (37.8 %)
Gross Income 13.54 11.03 (18.5 %)
Operating Income (19.32) (32.85) (70.0 %)
Net Income (23.96) (35.21) (47.0 %)
Average Shares 51.00 51.00 -
EPS (Riyals) (0.47) (0.69) (47.0 %)

In Q3 2020, the pipe manufacturer turned to a net profit after Zakat and tax of SAR 9.6 million, backed by a rise in gross profit and impairment reversal of trade receivables, and lower selling, marketing and distribution expenses.

 

When compared to Q2 2020, the company swung to profits on higher gross profit and lower administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 157.80 150.32 (4.7 %)
Gross Income 0.13 21.46 17071.2 %
Operating Income (10.65) 12.61 218.4 %
Net Income (14.12) 9.58 167.8 %
Average Shares 51.00 51.00 -
EPS (Riyals) (0.28) 0.19 167.8 %

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