Arabian Pipes board nulls capital hike proposal

Arabian Pipes pointed out that the cancellation was based on a tangible improvement in the company's financial position and the availability of sources capable of financing its businesses.

There are no costs or changes related to the recent decision, the statement noted.

On July 17, 2022, the board of directors recommended a capital decrease through a SAR 150 million rights issue, Argaam earlier reported.

The pipe manufacturer swung to a net profit of SAR 91.4 million in the first nine months of 2023, against a net loss of SAR 7.5 million in the year-earlier period. Moreover, in Q3 2023, net profit skyrocketed to SAR 44.8 million.

Source: Argaam