The crisis persists
Saudi Steel Pipe’s Q2 2016 revenues amounted to SAR151.346m, a 45.9% yoy tumble that brought revenues recorded since the beginning of the year to SAR345.689m (-34.59% yoy). The gross profit has more than halved, moving from SAR38.88m in Q2 2015 to SAR16.85m in Q2 2016. The net profit dropped by 72.8% yoy to SAR5.891m (SAR13.950m as of H1 2016 vs. SAR31.458m in 2015).Saudi Steel Pipes Co SJSC is a Saudi Arabia-based company, which is engaged in the steel pipes manufacturing sector in the Middle East and North Africa region. The Company operates through two segments: Steel Pipe Segment includes manufacturing of welded steel pipes by high frequency induction welding and galvanizing, coating, threading and bending of the pipes used in oil and gas, water and construction sectors, as well as Process Equipment Segment, which includes design, manufacture, assemble and maintain heavy process equipment for the utilization of oil and gas, power generation, desalination, mining, solar energy and offshore plants. Its product range includes black and galvanized steel pipes, ERW/HFI galvanized and threaded steel pipes, seamless pipes, pipes with three-layer external coating by polyethylene and polypropylene in different diameters, pipes with epoxy coating inside, bended pipes in different diameters, space frame and submerged arc welded pipes.
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