Group Five losses record SR18.7 mln during H1 due to sharp rise in iron coils

Group Five losses record SR18.7 mln during H1 due to sharp rise in iron coils

Saudi Group Five Pipes Company recorded a net loss after zakat and tax in the first half of SR18.7 million, compared to a profit of SR29 million in the same period last year.
This came after the announcement on Monday of the preliminary financial results for the period ending on 30.06.2022 (6 months).
The operational loss amounted to SR13 million in the first half, compared to a profit of SR42 million in the same period of the previous year.
The gross loss amounted to SR7 million in the sixth period, compared to a profit of SR40 million in the same period last year.
The loss per share in the current period was SR0.67, compared to a profit of SR1.03 in the same period last year.
The company incurred a total loss of SR7.1 million, due to the sharp rise in the basic raw materials for its products (iron coils) by more than 60%, which negatively affected most of the iron manufacturing industries, in addition to the nature of the major projects contracts that the company is executing and which are not flexible and prices cannot be adjusted.
The company said that it is looking forward to improving its financial results for the better, coinciding with the end of this year.