Saudi Steel Pipe Company reported financial results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net profit of SAR 11.82 million against SAR 14 million a year ago. Operational profit was SAR 10.85 million against SAR 15.17 million a year ago. The reason for the decrease in net income for fourth quarter compared to same period of last year is because of decrease in sales by 6.2% to SAR 168.75 million compared to same period of last year of SAR 179.86 million and decreased in delivered quantity particularly on small diameter pipes decreased by 16% attributed mainly on construction sector low demand in the local market. The reason for the decrease in net income was also due to decrease in delivered quantity particularly on projects because of subcontractor low production on piper threading.

For the full year, the company reported net profit of SAR 76.4 million against SAR 53.7 million a year ago. Operational profit was SAR 79.94 million against SAR 57.65 million a year ago. Earnings per share were SAR 1.5 against SAR 1.05 a year ago. The reason for the increase in net income for twelve months compared to twelve months of last year mainly due to the increase in sales by 15.6% at SAR 839 million for twelve months compared to twelve months of last year of SAR 726 million and increase in delivered quantity where such increase in delivered quantity were attributed mainly on medium diameter pipes that has increased by 26%.