RIYADH: Shares of Saudi Steel Pipe Co. increased 1.53 percent to SR22.58 at the closing bell of Thursday on the news that it swung into profit during the first half of 2022, recording over SR26 million ($7 million).
The pipe producer reported a net loss of SR16.7 million in the prior-year period, according to a bourse filing.
The firm attributed its performance to an increase in gross profit to SR56.23 million over the same period, as well as a decrease in the share of loss in subsidiaries and lower administrative expenses.
