The Board of Directors of the Saudi Steel Pipe Company (Saudi Pipes) recommended not to distribute dividends for the fiscal year 2022, due to the presence of accumulated losses as of December 31, 2022.
The company said in a statement to “Tadawul Saudi Arabia”, today, Thursday, that this recommendation will be presented to the next ordinary general assembly for a vote on it.
The Saudi Steel Pipe Company “Saudi Pipes” achieved a net profit of 6.37 million Saudi riyals for the first quarter of 2023, compared to a net profit of 14.53 million Saudi riyals for the first quarter of 2022, a decrease of 56.16%.
The company said in a previous statement that the decrease in net profit is due to main reasons, including the decrease in gross profit to 23.86 million Saudi riyals in the first quarter of 2023, compared to 28.96 million Saudi riyals in the first quarter of 2022, as a result of the decrease in sales volume.
Sales recorded in the first quarter of the year 166.89 million Saudi riyals, compared to 184.08 million riyals in the corresponding quarter of last year, a decrease of 9.34%.
