Saudi Steel Pipe widens losses in Q2

The rise in losses is attributed to a higher gross loss

  
Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri
Riyadh - Mubasher: Saudi Steel Pipe Company (SSP) reported a 165.68% increase in net losses during the second quarter (Q2) of 2020 to SAR 27.02 million, from SAR 10.17 million in Q2-19, as shown by its interim financial results.

The rise in losses is attributed to a higher gross loss, as a result of lower volumes and product mix; an increase in administrative expenses, due to the end of service indemnity costs booked in Q2-20; a decrease in other income; and an increase in trade receivables impairment charges.

As for the first half (H1) of 2020, SSP saw a 355% surge in net losses to SAR 44.79 million, from SAR 9.84 million in H1-19.

Source: Mubasher

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