The financial statements of the Saudi Steel Pipe Company showed that the company's losses in the first nine months of this year increased by 47% on an annual basis.
according to the company's results for the Saudi market (Tadawul), today, Thursday, losses for the period amounted to 35.21 million riyals, compared to losses of 23.96 million riyals for the first nine months of 2019.
The company said in a statement to the Stock Exchange that the high losses during the comparison periods are due to 3 factors, the first of which is the increase in administrative expenses, which amounted to 40.49 million riyals compared to 23.16 million riyals in The same period in 2019, mainly due to employees' end of service benefits credited in the current period.
The second factor is a decrease in the company's share of the net profits of the associate company (Global Pipes), with a value of 5.02 million riyals in the current period compared to 6.12 million riyals for the same period of Previous year.
As for the third factor behind the increase in losses for the period, it is represented in the provision for doubtful debts, which amounted to (0.99) million riyals compared to a reversal of the provision amounting to 0.57 million riyals for the same period of Last year.
At the level of the third quarter of this year, the company turned to profit of 9.58 million dinars, compared to losses for the same period of 2019, which amounted to 14.12 million riyals.
>
