07
Sep
14:23
Saudi pipemaker Group Five Pipe earnings plummet
Saudi Arabian pipemaker Group Five Pipe Saudi (G5PS)’s earnings plummeted in the first half of 2022.
In the six months through June, the firm's revenue decreased by 87.78% on-year to only SAR 58.39 million ($15.57m) versus SAR 477.8m in H1 2021, Kallanish notes.
The company registered a net loss of SAR 18.73m versus a year-earlier net profit of SAR 42.27m, according to a bourse filing. This was due mainly to a 60% rise in hot rolled coil …
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Very good overview of the weekly steel market.
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