03
May
15:53
SSP sales decline but profitability improves
Saudi Steel Pipe (SSP) reported a 23% on-year drop in first-quarter sales to SAR 94.7 million ($25.3m), but net loss narrowed 52% to SAR 8.5m, Kallanish notes.
The improved profitability was thanks to reduced administrative expenses, due to lower structural costs and service indemnity costs; trade receivables impairment reversal; and reduced financial charges due to lower net debt, the pipemaker says.
This was partially offset by the loss in affiliate Global…
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Anonymous
Very good overview of the weekly steel market.
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