15
Jul
01:00
Increased sales, output boost Saudi pipemaker's profit in Q2
Increased shipments to project sales and higher production at its new OCTG threading line boosted net profit at Saudi Steel Pipe (SSP) 51% on-year to SAR 23.46 million ($6.26m) in the second quarter. The welded pipemaker also benefited from improved financial results at subsidiary Global Pipe Company.
The same factors, coupled with an increase in sales of induction bends, saw profit in Q2 surge 106% from Q1. First-half net profit thus rose 78% to SAR 34.87m.…
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Anonymous
Very good overview of the weekly steel market.
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