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Saudi Steel Pipe turns to profitability in 2021

Saudi Steel Pipe Company achieved net profits of SAR 900,000 in 2021, compared to net losses of SAR 34.5 million in the earlier year.

The company generated SAR 373.5 million revenues in 2021, down 21.35% from SAR 474.9 million in the previous year, according to a bourse filing on February 17.

Meanwhile, the company registered earnings before interest, tax, depreciation, and amortisation (EBITDA) of SAR 39.61 million in 2021, including non-recurring charges, compared to SAR 10.34 million in 2020.

The earnings per share (EPS) stood at SAR 0.018 last year, against losses per share of SAR 0.68 in 2020.

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