14
May
15:21
Project delays drag Saudi pipemaker into loss
Saudi Steel Pipe (SSP) reported a 38.8% on-year surge in revenue in the first quarter to SAR 177.14 million ($47.2m). However, the firm sunk to a net loss of SAR 5.04m versus a SAR 10.21m profit in the year-earlier quarter.
This loss was also down from a net profit of SAR 15.65m in Q4 2017. It was the result of delays in project deliveries, as well as losses incurred by large-diameter pipemaker associate Global Pipe Company and subsidiary TSM Arabia due to proje…
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Anonymous
Very good overview of the weekly steel market.
Anonymous