Saudi Vitrified Clay Pipes Co. (SVCP) reported a net loss of 57 million riyals for the third quarter of 2024, a significant increase compared to the 3.6 million riyal loss in the same quarter of the previous year, representing a 1474% rise. This follows the company’s announcement of preliminary financial results for the period ending September 30, 2024 (9 months).
The operating loss for Q3 was 57 million riyals, up from 2.9 million riyals in the same quarter last year, an increase of 1827%. The net loss for the nine-month period reached 78 million riyals, compared to a 6.9 million riyal loss during the same period in 2023, marking a 1012% increase.
The loss per share for the current period was 5.18 riyals, compared to 0.47 riyals in the same period last year. The company attributed the decrease in revenue this quarter to lower demand and a slowdown in some projects.
