Saudi Steel Pipe Co. posted a net loss after zakat and tax of SAR 26.83 million for the fiscal year (FY) 2019, a decline by 84% year-on-year (YoY), as compared to SAR 168.66 million in FY2018.
The company attributed the earnings to the absence of impairment losses from its subsidiary TSM Arabia and its bending factory, it said in a bourse statement.
The company also cited a decrease in selling, marketing and distribution expenses to SAR 14.1 million in FY2019 as well as an improvement in gross profits to SAR 13.2 million in the same period.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 646.20 | 671.55 | 3.9 % |
| Gross Income | (2.07) | 13.18 | 736.3 % |
| Operating Income | (51.42) | (34.82) | 32.3 % |
| Net Income | (168.66) | (26.83) | 84.1 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (3.31) | (0.53) | 84.1 % |
Sales revenue also jumped 3.93% to SAR 671.6 million in FY2019.
In Q4 2019, the company narrowed its losses to SAR 2.9 million.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 186.29 | 156.60 | (15.9 %) |
| Gross Income | (6.61) | (0.36) | 94.6 % |
| Operating Income | (20.96) | (15.50) | 26.0 % |
| Net Income | (102.65) | (2.87) | 97.2 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (2.01) | (0.06) | 97.2 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 157.80 | 156.60 | (0.8 %) |
| Gross Income | 0.13 | (0.36) | (387.2 %) |
| Operating Income | (10.65) | (15.50) | (45.5 %) |
| Net Income | (14.12) | (2.87) | 79.7 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | (0.28) | (0.06) | 79.7 % |
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