RIYADH – Saudi Steel Pipe net income for the second quarter decreased to SR12.38 million, lower than the same period last year of SR21.34 million and decreased again compared to Q1 2012 of SR18.32 million. The reason for the decrease in net income for the Q2 and first 6 months of year 2012 compared to same period of last year is mainly due to the low margin on the export projects sales because of global price competition coupled with increase in raw material price, although total sales for the Q2 2012 increased by 22 percent at SR187 million compared to same period of last year of SR153 million. Delivered quantity for the Q2 2012 totaled 43,000 tons, an increase of 22 percent compared to same period last year of 35,000 tons. Gross profit for the Q2 decreased to SR22.87 million which is lower than the same period of last year of SR29.74 million. Operating profit for the Q2 decreased to SR13.32 million which is lower than the same period of last year of SR21.17 million. Net income for the first 6 months of this year decreased to SR30.7 million which is lower than first 6 months of last year of SR42.35 million. Gross profit for the first 6 months of this year decreased to SR52 million which is lower than the first 6 months of last year of SR58.49 million by 11.1 percent. Operating profit for the first 6 months of this year decreased to SR32.68 million, lower by 22.6 percent than the first 6 months of last year of SR42.21 million. – SG/Agencies
