Al Yamamah Steel board proposes withholding dividend for FY 2022/23

28/12/2023 Argaam

Al Yamamah Steel board proposes withholding dividend for FY 2022/23

Logo of Al Yamamah Steel Industries Co.

Al Yamamah Steel Industries Co.’s board of directors recommended, on Dec. 27, withholding dividend for the fiscal year (FY) ended September 2023, according to a statement to Tadawul.

 

The recommendation came to support the company’s financial position and contribute to financing its projects and plants, including its wind power systems plant.

 

The proposal was also attributed to the fact that the company failed to achieve profit during FY 2022/23.

 

 The steel producer reported a deeper loss of SAR 130.1 million for the year ended September 2023, compared to a loss of SAR 26.7 million a year earlier.

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