The financial statements of the Arab Pipe Company showed a positive shift in the results of the company in the past year compared to 2018.
According to the results of the company for the Saudi market (Tadawul), the profits of last year amounted to 28.7 million riyals, compared to the losses in 2018 of 122.7 million riyals.
The company said in a statement to the stock exchange that the positive shift in the annual results is due to a 6% increase in sales compared to 2018, to reach 741.1 million riyals.
The company also attributed the achievement of profits in 2019 to the completion of delayed projects, the company's policy of stabilizing international iron prices and the expansion of the number of suppliers, internal developments in the line of teething and packaging to keep pace with the requirements of the company Saudi Aramco, which helped to obtain new projects.
The company explained that the continuity and stability of productivity in the factories of Riyadh and Jubail during the past year contributed to raising sales and then increasing profitability.
Total shareholders' equity (there are no minority rights) reached 526.4 million riyals in the last year, compared to 498.9 million riyals in 2018, a growth of 5.5%. p>
