SVCP records losses of 14 million riyals in Q2

The net loss of the Saudi Vitrified Clay Pipe co. amounted to 14 million riyals during the second quarter of 2024, compared to a loss of 0.5 million riyals in the same quarter of last year, an increase of 2.697%. This came after the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

The operating loss amounted to 13.4 million riyals in the second quarter, compared to 0.29 million riyals in the same quarter of the previous year, an increase of 4,537.931%.

The loss per share in the current period reached 1.36 riyals, compared to a loss of 022 riyals in the same period of last year.

According to the company, the reason for the increase in net losses during the current quarter compared to the same quarter of the previous year is due to lower sales and higher cost of sales.

The reason for the decrease in revenues during the current quarter compared to the previous quarter is due to the decrease in demand. The reason for the increase in net loss during the current quarter compared to the previous quarter is due to the decrease in sales and the increase in the cost of sales. The company indicated that it will implement the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses amount to more than 20% of their capital.