29
Apr
11:26
TenarisSaudiSteelPipes doubles first-quarter revenue, profit jumps
Welded pipemaker TenarisSaudiSteelPipe (SSP) reported a 99% on-year and 67.9% on-quarter surge in revenue in the first quarter to SAR 184.08 million ($49.08m). Net profit was realised at SAR 14.53m against a loss of SAR 8.48m in the same period last year and SAR 1.57m profit in Q4 2021, Kallanish notes.
The surge in volume and improved mix of sold products, as well as decreased administrative costs due to the reduction of structural and service indemnity…
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Very good overview of the weekly steel market.
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