07
Aug
10:19
Lower deliveries, product mix slash SSP earnings
Saudi Steel Pipe (SSP) saw revenue drop -55% on-year in the second quarter to SAR 72.63 million ($19.4m), while net loss deepened 166% to SAR 27.02m. Deliveries and product mix were both lower in the quarter, the pipemaker says.
SSP also recorded an increase in administrative expenses due mainly to end of service indemnity costs booked in Q2, as well as a rise in trade receivables impairment charges, Kallanish notes.
The losses were partially offset by an increas…
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Very good overview of the weekly steel market.
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