Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Steel Pipe Company plummeted by 56.16% to SAR 6.37 million during the first quarter (Q1) of 2023, versus SAR 14.53 million in Q1-22.
Revenues amounted to SAR 166.89 million as of 31 March 2023, down 9.34% year-on-year (YoY) from SAR 184.08 million, according to the initial income statements.
Earnings per share (EPS) hit SAR 0.13 during the first three months (3M) of 2023, versus AR 0.29 in the year-ago period.
On a quarterly basis, the Q1-23 net profits after Zakat and tax shrank by 42.82% from SAR 11.14 million in Q4-22, while the revenues increased by 13.58% from SAR 146.94 million.
Last year, the Saudi firm achieved net profits after Zakat and tax worth SAR 54.21 million, higher by 5,729% than SAR 930,000 in 2021.
