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Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Saudi Steel Pipe’s profit up

Revenue from IT-managed operational services and digital services rose 19.4 percent and 7.4 percent, respectively
By TRENDS Desk
February 18, 2023 3:10 pm
  • Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021
  • Gross profit rose to $29 million in 2022 from $7.28 million a year earlier because of better sales volume, improved efficiency and a mix of products sold

Riyadh, Saudi Arabia–Saudi Steel Pipe Co. has posted a 5,729 percent increase in net profit to $14.45 million in 2022.  

According to a statement released by the company on Tadawul, gross profit rose to $29 million in 2022 from $7.28 million a year earlier because of better sales volume, improved efficiency and a mix of products sold.  

SSP’s profit share in its affiliate Global Pipe Co. also soared to SR9.17 million in 2022 compared to a loss of SR5.23 million in 2021.  

Administrative expenses decreased to SR23.20 million in 2022 from SR27.47 million in 2022 due to the reduction in service indemnity costs.  

Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021.  

In the fourth quarter of 2022, net profit after zakat and tax leaped to SR11.1 million from SR1.57 million in the year-earlier period.  

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