Al Yamamah Steel Industries Co. reported a net profit of SAR 25.9 million for the first quarter ended Dec. 31, 2023, against a loss of SAR 41.9 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 461.85 | 630.72 | 36.6 % |
| Gross Income | (42.90) | 72.93 | 270.0 % |
| Operating Income | (60.86) | 49.12 | 180.7 % |
| Net Income | (41.90) | 29.55 | 170.5 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.82) | 0.58 | 170.5 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 445.40 | 630.72 | 41.6 % |
| Gross Income | 8.81 | 72.93 | 727.7 % |
| Operating Income | (6.87) | 49.12 | 814.9 % |
| Net Income | (22.98) | 29.55 | 228.6 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.45) | 0.58 | 228.6 % |
The positive performance is primarily driven by a year-on-year (YoY) increase in the volume and value of sales in the electricity segment by 15.13% and 11.89%, respectively. Sales volume and value in the renewable energy segment grew 564.22% YoY and 757.37% YoY, respectively. There was also an increase in the selling prices of products in this segment by 29.08% YoY.
In addition, the company reported a rise in the sold quantities in the construction segment by 3.09% YoY and decline in the cost of sales in the construction and electricity segments by 26.92% YoY and 16.44% YoY, respectively.
This came despite a surge in financing costs by SAR 2.7 million, or 19.67% compared to the same quarter of last year, as a result of the increase in interest rates on financing globally.
Sequentially, the company turned to profit versus losses of SAR 22.98 million in Q4 2022/23.
Shareholders’ equity, excluding minority interest, stood at SAR 547.69 million as of Dec. 31, 2023, from SAR 604.64 million a year earlier.
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