Saudi Arabia-based pipemaker Saudi Steel Pipe Co. has announced its interim financial results for the third quarter and nine months of this year.
In the given period, Saudi Steel Pipe recorded a net profit of SAR 16.79 million ($4.47 million), compared to a net profit of SAR 15.92 million in the same period of the previous year, while the company’s sales revenue amounted to SAR 204.78 million ($54.48 million), increasing by 145.78 percent compared to sales revenue of SAR 83.32 million in the third quarter of the previous financial year.
In the third quarter, Saudi Steel Pipe’s EBITDA rose by 200.5 percent to SAR 81.35 million ($21.64 million), compared to SAR 10.60 million in the same quarter of the previous financial year.
Meanwhile, in the first nine months of this year, the company achieved a net profit of SAR 43.07 million ($11.46 million), down by 0.64 percent, while its sales revenue amounted to SAR 600.68 million ($159.77 million), rising by 127.64 percent, both on year-on-year basis. In addition, the company’s EBITDA moved up by 315 percent year on year to SAR 96.81 million ($25.75 million).