Al Yamamah Steel widens FY2022/23 loss to SAR 130.1M; Q4 at SAR 23M

Al Yamamah Steel Industries Co. increased its net loss to SAR 130.1 million in the fiscal year ended Sept. 30, 2023, compared with SAR 26.7 million a year earlier.

This was attributed to a 27.22% decline year-on-year (YoY) in selling prices recorded by the construction segment, which led to a 7.34% decrease YoY in the sector's sales value. However, the segment's sales quantities fell by 27.30%.

The consolidated financial statements reflected the company’s share in the net loss of the subsidiary, Al Yamamah Company for Reinforcing Steel Bars, amounting to SAR 92.278 million, as a result of the sharp decline in the selling prices of reinforcing steel bars.

In addition, financing costs soared by 164.44%, or SAR 42.879 million, compared with a year earlier, due to the increase in interest rates globally.

In addition, the steel producer recorded a net loss of SAR 23 million in the fourth quarter of FY2022/23, compared with SAR 96.38 million a year before.

Shareholders' equity, after minatory interest, reached SAR 518.15 million at the end of the current period, compared with SAR 646.54 million a year earlier.

Accumulated losses reached SAR 19 million as on Sept. 30, 2023, representing 3.75% of the company's capital.

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