Logo of Saudi Steel Pipes Co.

Saudi Steel Pipe Co.'s board of directors, in a meeting held today, April 27, recommended withholding dividend for 2021, according to a bourse filing.

 

The recommendation comes on the back of accumulated losses as on Dec. 31, 2021.

 

The dividend freeze recommendation is pending the approval of the upcoming general assembly meeting.

 

The steel pipes manufacturer earlier posted a SAR 900,000 profit for 2021, against a SAR 34.5 million loss a year earlier.

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