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23-03-20
Arabian Pipes Co. reports net income of SAR 28.7 million for fiscal year 2019 after Zakat, tax
(MENAFN) In comparison with the net loss of SAR 122.7 million in 2018, for the financial year 2019, Arabian Pipes Co. reported a net income after Zakat and tax of SAR 28.7 million.
The yearly results were backed by a 6 percent increase yearly in sales income, incessant production in Riyadh and Jubail plants, and the completion of postponed projects.
The prices of steel stayed the same and Arabian Pipes Co. upgraded its systems to accomplish Saudi Aramco's request.
In the fourth quarter of 2019, Arabian Pipes Co. turned to a net income of SAR 3.3 million against a net loss of SAR 89 million in year-earlier period.
MENAFN2303202000450000ID1099897141
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