Al Yamamah Steel Industries Co. posted net profit after Zakat and tax of SAR 24.5 million for H1 ending March 31, 2020, compared to a net loss of SAR 19.2 million in year earlier period, thanks to higher sales and revenue amid improved sales in the construction sector.
Al Yamamah Solar Power Systems Factory also contributed to the increase in sales volumes and values in the electricity sector.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 482.96 | 998.73 | 106.8 % |
| Gross Income | 5.86 | 95.38 | 1528.4 % |
| Operating Income | (23.22) | 52.92 | 328.0 % |
| Net Income | (19.21) | 24.48 | 227.4 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.38) | 0.48 | 227.4 % |
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 284.18 | 593.33 | 108.8 % |
| Gross Income | 21.68 | 76.48 | 252.8 % |
| Operating Income | 6.30 | 52.20 | 728.1 % |
| Net Income | 10.97 | 32.06 | 192.2 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | 0.22 | 0.63 | 192.2 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 405.39 | 593.33 | 46.4 % |
| Gross Income | 18.89 | 76.48 | 304.8 % |
| Operating Income | 0.73 | 52.20 | 7089.8 % |
| Net Income | (7.58) | 32.06 | 522.7 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.15) | 0.63 | 522.7 % |
In Q2, the steel producer reported net profit after Zakat and tax of SAR 32 million, compared to net profit of SAR 11 million in year earlier period, thanks to higher sales and revenue amid improved sales volumes and value in the construction sector.
The profit rise was also buoyed by raw material prices, when compared to cost.
When compared to the previous quarter, Al Yamamah turned profitable from a net loss of SAR 7.6 million, driven by higher sales and revenue.
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