Arabian Pipes has turned profitable during the first quarter of 2019.
The kingdom-based firm’s net profits amounted to SAR 8.1 million in Q1-19, against a loss of SAR 8.8 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
Arabian Pipes generated SAR 180 million in revenues during the three-month period ended 31 March, compared to SAR 121.9 million in the same period of the prior year.
The company attributed the rise in profits to the 48% increase in sales over the first three months of 2019.
In 2018, Arabian Pipes suffered losses worth SAR 122.6 million.