Saudi Steel Pipe Net Profit Plunges 60 Pct In H1 2016 YoY
29 July 2016
Saudi Steel Pipe Co. net profit in the first half of 2016 declined by 60 pct to SAR 13.95 mln as compared to SAR 34.87 mln in the similar period last year. This is due to drop in deliveries, lower selling price of small diameter pipes, inventory revaluation and loss incurred in subsidiary Titanium and Steel Manufacturing Co. Net profit also tumbled by 75 pct to SAR 5.89 mln in Q2 2016, YoY.
Saudi Steel Pipe Co. is one of the leading Saudi companies in the field of welded steel pipes industry since its foundation in 1980.The company has been known as the first manufacturer for steel pipes in the Kingdom and the largest producer of welded steel pipes manufactured by high-frequency induction welding to serve multiple uses that meet the needs of the oil and gas, water and construction sectors in the region and other markets.
The current yearly production capacity of the company is 240,000 tons of steel pipes, that are produced by 4 production lines, with sizes ranging from (1/2 - 20) inches. The company also owns a factory for hot induction bending pipes which is considered the largest in the area, where the hot induction bends are produced in various diameters ranging from (2-48) inch to a thickness up to 50 mm.
Source : steelmillsoftheworld.com