Saudi Steel Pipe Company (“Saudi Steel Pipes”) reported a 57.7% decline in net profit for the second quarter of 2026, reaching $8 million (SAR 30 million), compared to a net profit of $18.9 million (SAR 71 million) in the same quarter of the previous year. On a quarterly basis, net profit decreased by 42.3% compared to the first quarter of 2026, which saw a profit of $13.9 million (SAR 52 million). The company explained in a statement on the Saudi Stock Exchange (Tadawul) on Thursday that revenues declined during the second quarter to $81.6 million (306 million riyals), a decrease of 8.9% compared to $89.6 million (336 million riyals) in the same quarter of the previous year, as a result of a change in the sales mix.