17
Feb
15:15
Saudi pipemaker swings to 2021 profit
Tenaris Saudi Steel Pipe (TSSP) reported a 29% on-year drop in revenue in the fourth quarter of 2021 to SAR 109.6 million ($29.2m), although this was up 32% on Q3. Net profit was however up 113% on-year but down 90% on-quarter to SAR 1.57m.
In full-year 2021 the pipemaker saw a 21% on-year decline in revenue to SAR 373.5m but it swung to a SAR 0.9m net profit versus a year-earlier loss of SAR 34.5m.
The improved profitability was thanks to the gain reco…
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Anonymous
Very good overview of the weekly steel market.
Anonymous