27
Jul
14:57
Lower project sales, subsidiaries, hamper Saudi pipemaker's profit
Saudi Steel Pipe (SSP) reported a -75% on-year plunge in net profit in the second quarter to SAR 5.89 million ($1.6m). This was due to a decrease in project-related sales, higher losses at subsidiaries, and loss incurred on inventory revaluation of SAR 3.6m, Kallanish learns from the Saudi welded pipemaker.
Net profit also fell -27% from Q1 due to the lower project-related sales.
In the first half of 2016 net profit therefore declined -60% on-year to SAR 13.9…
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Anonymous
Very good overview of the weekly steel market.
Anonymous