Saudi Steel Pipes Company (Saudi Pipes) turned to profit in the third quarter after recording a net profit of 9.58 million riyals, compared to a net loss of 14.12 for the third quarter of last year .
According to Arabiya Net, the company clarified that its shift to profitability is due to several reasons, including the high volume of sales and improvement in the selling mix, in addition to the decrease in selling, marketing and distribution expenses, Increase the reversal of the allowance for doubtful debts.
and indicated that, in turn, administrative expenses increased; As a result of employees' end of service compensation, zakat and income tax expenses increased.
