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Saudi Steel Pipe Co. records a profit of 9.58 million riyals in the third quarter

The financial results of the Saudi Steel Pipes Company “Saudi Pipes” revealed today, Thursday, its shift to profit in the third quarter after the company recorded a net profit of 9.58 million riyals, compared to a net loss of 14.12 for the third quarter of last year.

The company explained that its shift to profit is due to several reasons, including the increase in sales volume and improvement in the sales mix, in addition to the decrease in selling, marketing and distribution expenses, and the increase in the reversal of the allowance for doubtful debts.

On the other hand, she indicated, administrative expenses increased; As a result of employees’ end of service compensation, zakat and income tax expenses increased.

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