Saudi Steel Pipes Company lost Saudi pipes by 28.7%, as losses amounted to 34.5 million riyals during 2020, compared to 26.8 million riyals losses in 2019.
According to Arabiya Net, the company said in a statement that the increase in losses is largely due to the impact of the Corona pandemic and the drop in oil prices, in light of the increase in administrative expenses that amounted to 45.49 SAR million in fiscal year 2020 compared to SAR 33.01 million in fiscal year 2019, mainly due to employees' end of service indemnities registered in FY2020.
and net tax benefits of SAR 0.72 million in fiscal year 2020 compared to SAR 13.52 million in fiscal year 2019.
The company's share of the net profit of the associate company (Global Pipes) decreased by 4.77 million Saudi riyals in fiscal year 2020 compared to 8.94 million Saudi riyals in fiscal 2019.
