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.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,464.98 | 1,559.53 | 6.5 % |
| Gross Income | 134.09 | (81.38) | (160.7 %) |
| Operating Income | 74.19 | (146.91) | (298.0 %) |
| Net Income | (26.66) | (130.14) | (388.2 %) |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.52) | (2.56) | (388.2 %) |
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.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 315.18 | 445.40 | 41.3 % |
| Gross Income | (23.19) | 8.81 | 138.0 % |
| Operating Income | (31.82) | (6.87) | 78.4 % |
| Net Income | (96.38) | (22.98) | 76.2 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (1.90) | (0.45) | 76.2 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 265.25 | 445.40 | 67.9 % |
| Gross Income | 12.51 | 8.81 | (29.6 %) |
| Operating Income | (4.54) | (6.87) | (51.2 %) |
| Net Income | (47.37) | (22.98) | 51.5 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.93) | (0.45) | 51.5 % |
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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