The financial statements of the Saudi Steel Pipe Company showed that the company's losses in the second quarter of this year increased by 165.7% on an annual basis.
According to the results of the company for the Saudi market (Tadawul) today, Thursday, the losses for the period amounted to 27.02 million riyals, compared to the losses for the second quarter of 2019 amounting to 10.17 million riyals. p>
She also attributed the increase in losses to the increase in administrative expenses, which amounted to (12.60) million riyals compared to (8.35) million riyals in the second quarter of 2019, mainly due to End of service benefits for employees registered in the second quarter of this year.
She indicated that the last fiscal period of 2020 witnessed a decrease in other revenues, which amounted to (0.19) million riyals, compared to other revenues of (1.40) million riyals in the second quarter 2019, This is as a result of restricting the deduction and reversal of some liabilities due in the second quarter of 2019.
The period also saw an increase in the provision for doubtful debts, which amounted to (1.22) million riyals, compared to (0.59) million riyals in the second quarter of last year.
>Against these negative changes, there was an increase in the company's share of the net profit of the associate (International Pipes) amounting to 3.58 million riyals compared to 1.75 million riyals in the second quarter of 2019, as well as Selling, marketing and distribution expenses decreased to reach (2.14) million riyals, compared to (2.94) million riyals in the second quarter of the previous year.
The company recorded losses of 44.79 million riyals in the first half of this year, compared to losses of 9.84 million riyals in the same period last year, a significant increase of 355.2% .
(Fun Knowledge of Knowledge)
