04
May
13:07
Expenses, reduced deliveries slash SSP's first-quarter income
Saudi Steel Pipe (SSP) saw revenue drop -37% on-year in the first quarter to SAR 122.3 million ($32.6m) and the firm slid to a SAR 17.8m net loss from a SAR 320,000 profit a year earlier.
The lower income was due to increased administrative expenses, reduced shipments and lesser product mix, and decrease in share of profit from affiliate Global Pipe Company to SAR 0.04m versus SAR 3.1m in Q1 2019.
Last month SSP reduced production on account of measures imposed b…
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