Saudi Steep Pipe net income down 15.1%

18 Jul 2011

(MENAFN) The Saudi Steel Pipe Company posted a net income of USD5.69 million for the second quarter of this year, an increase of 1.6 percent compared to the previous quarter, but a 15.1 percent drop compared to the same time last year, Arab News reported.

In the statement, posted Sunday, Saudi Steel Pipe said that low demand for oil prices brought down their income in the first half of this year.

The company reported that gross profit for the first half of this year fell by 6.6 percent to USD7.93 million from USD8.8 million in 2010.

The company expects new projects to raise income in the second half of the year.

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