The Saudi Steel Pipe Company (Saudi Pipes) reduced its losses by 70% to reach 8 million riyals during the second quarter of 2021, compared to losses of 27 million riyals during the same period. From last year.
According to Arabiya Net, this comes after the company's revenues increased by 52% to reach 88.48 million riyals.
The company attributed the decline in losses to achieving a total profit of 4.83 million riyals in the second quarter of 2021, compared to a total loss of 14.97 million riyals in the second quarter 2020, as a result of the high volume sales, an improved sales mix, and an improvement in both efficiency and direct structural costs.
Administrative expenses decreased to 7.99 million riyals in the second quarter of 2021 from 10.87 million riyals in the second quarter of 2020, mainly due to the decrease in structural costs and end compensation Service to employees.
Financing expenses decreased to 0.83 million riyals in the second quarter of 2021 from 2.04 million riyals in the second quarter of 2020, mainly due to the decrease in net debt and the improvement in funding sources. .
In return for these positive changes, a net loss was recorded in the associate company (International Pipes), of which the company's share amounted to (1.89) million riyals in the second quarter of 2021, compared to a share in Net profit amounted to 3.58 million riyals in the second quarter of 2020.
During the first half, the company's losses decreased by 63% to 16.56 million riyals, compared to 44.79 million riyals during the corresponding period last year.
