Group Five profits down 58% to SR35mln in 2021

Group Five Pipe Saudi Co. announced that its profits after zakat and tax declined 58% to SR 35 million in 2021 from SR 84 million in 2020.

According to its financial result statement published on Tadawul, the company recorded operational profit drop by 57% to SR 51 million in 2021 compared to SR 120 million in the previous year.

Gross profits of the company slipped 53% to SR 61 million compared to SR 130 million in 2020, while  profit per share decreased to SR 1.25 from SR 2.99.

The decline of net profits was due to lower sales in 2021 compared to 2020.