Al Yamamah Steel Industries Co. turned to a net profit of SAR 60.1 million in the first half ended March 31, 2024, against a loss of SAR 59.8 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 848.88 | 1,127.66 | 32.8 % |
| Gross Income | (35.84) | 141.32 | 494.3 % |
| Operating Income | (70.12) | 96.89 | 238.2 % |
| Net Income | (59.79) | 60.09 | 200.5 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (1.18) | 1.18 | 200.5 % |
The positive results were buoyed by a 32.84% year-on-year (YoY) rise in Q1 2024 sales. Al Yamamah Steel’s sales volumes and value from the electricity segment increased 12.27% and 4.52% YoY, respectively. Similarly, sales volumes and value from the renewable energy segment surged 706.53% and 840.72% YoY, respectively, by the end of the quarter.
The cost of goods sold decreased 25.19% and 19.02% YoY in the construction and electricity segments, respectively.
In the second quarter, the steel producer swung to profit from a net loss of SAR 17.89 million in Q2 2022/23 as sales grew by 28.40% YoY. The cost of goods sold declined 22.75% and 20.39% YoY in the construction and electricity segments, respectively.
On a quarter-on-quarter (QoQ) basis, net earnings grew 3.4% from SAR 29.55 million in Q1 2022/23, thanks to a sequential decline of 13.68% in operating expenses.
On the other hand, the company’s sales dropped 21.21% QoQ.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 387.03 | 496.94 | 28.4 % |
| Gross Income | 7.06 | 68.38 | 868.2 % |
| Operating Income | (9.26) | 47.77 | 615.9 % |
| Net Income | (17.89) | 30.54 | 270.7 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.35) | 0.60 | 270.7 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 630.72 | 496.94 | (21.2 %) |
| Gross Income | 72.93 | 68.38 | (6.2 %) |
| Operating Income | 49.12 | 47.77 | (2.7 %) |
| Net Income | 29.55 | 30.54 | 3.4 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | 0.58 | 0.60 | 3.4 % |
Shareholders’ equity, after minority interest, slid to SAR 578.23 million by the end of the six-month period, compared to SAR 586.74 million a year earlier.
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