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07 Nov

Saudi Steel Pipe third-quarter sales surge, profit slower

Saudi Steel Pipe (SSPC)’s sales surged 146% on-year to SAR 204.8 million ($54.6m) in the third quarter, although net profit grew much slower, by 6% to SAR 16.79m, Kallanish notes. The slower profit growth was due to virtually zero profit from discontinued operations versus SAR 19.21m a year earlier, as well as higher zakat and tax expenses, and higher selling, marketing and distribution expenses. Profitability was supported by an increase in volume, improve…
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Adam Smith  |  Poland
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