Saudi Steel Pipe loses amid lower FY net profit
- Saudi Arabia: Tuesday, January 15 - 2013 at 21:04
The Tadawul market in Riyadh lost the third day straight, ending at 7,018.52 Tuesday amid a very negative market breadth. Saudi Steel Pipe Company fell 0.37% to SR26.70. Earlier in the day, the firm said whilst its (interim) Q4 net profit rose by 5.4% year-on-year, the full-year net profit dived 17.5% in 2012 compared to the previous year, amounting to SR53.7m. Saudi Steel Pipe said 2012 sales increases by 15% failed to mitigate the increase in raw material price and the low margin on the medium diameter casing pipes sales particularly on agricultural sector local market.
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