Arabian Pipes Q2 Profits Fall 39% to SAR 34 Mln

Arabian Pipes Co. (APC) announced on Tuesday that its net profit decreased to SAR 34 million during the second quarter, compared to SAR 57 million for the same period last year, a 39% drop.

Operational profit reached SAR 46 million, compared to SAR 74 million for the same quarter last year, a decline of about 38%.

During the current six-month period, the company recorded profits of SAR 75 million, compared to SAR 112 million for the same period last year, a decrease of 33%.

Profits per share during this period stood at SAR 0.37, compared to SAR 0.56 for the same period last year.