Saudi Arabian Pipe Company recorded losses of 16.8 million riyals in the first quarter of 2020, compared to profits of 8.1 million riyals in the same quarter of last year.

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According to ArabiaNet, the company achieved a profit of 3.3 million riyals in the previous quarter.

< The operating profits achieved by the pipes in the first quarter of 2020, amounted to about 0.5 million riyals, compared to 22.4 million riyals, in the first quarter of 2019, a decline of 97.8% .

The company attributed its losses in the first quarter to the decrease in the company's sales for the current quarter of 2020, by 63% compared to the same period in 2019 to reach 66.5 million riyals compared to 180 million riyals .

The reason is due to the impact of the company's largest projects with Aramco in the Jubail Factory, due to the delay in construction contractors accredited to Aramco, which affected the non-withdrawal of ready tubes by companies Encapsulation. Note that the company produced 80% of the project. The company also received all of the project raw materials.

The storage facility for the Riyadh plant has also been activated with Aramco as the agreement stipulates that pipes be manufactured and kept in the company's warehouses until requested and for a maximum period of one year. p>