Riyadh- Mubasher: Arabian Pipes Company suffered net losses after Zakat and tax worth SAR 12.1 million in the first half (H1) of 2021, a plunge of 66% from SAR 35.7 million in SAR H1-20.
The loss per share increased to SAR 0.3 in H1-21 from SAR 0.89 in H1-20, according to a bourse disclosure on Thursday.
Revenues jumped by 126.6% to SAR 253.4 million in the January-June 2021 period from SAR 111.8 million in the same six months last year.
At the end of June 2021, the accumulated losses reached SAR 323.1 million, representing 80.7% of the SAR 400 million capital.
As for the second quarter (Q2) of 2021, Arabian Pipes posted a decrease of 30% in net losses to SAR 13.1 million from SAR 18.8 million in Q2-20.
Revenues grew by 173% to SAR 124.1 million in Q2-21 from SAR 45.4 million in Q2-20.
On a quarterly basis, the company turned to losses in Q2-21 from net profits worth SAR 1 million in Q1-21, while the revenues declined by 4% from SAR 129.3 million.
