Saudi Steel Pipe Q1 Profit Falls 9.2% to SAR 69 Mln

Saudi Steel Pipe Co. (SSP) said on Thursday its first-quarter net profit declined 9.2% to SAR 69 million, from SAR 76 million a year earlier.

Operating profit dropped 11% to SAR 80 million, compared with SAR 90 million in the same period last year.

Shareholders’ equity (excluding minority interest) rose 17.3% year-on-year to SAR 913 million.

Earnings per share for the quarter stood at SAR 0.99, down from SAR 1.11 in the prior-year period.