Al Yamamah Steel turns to SAR 66.5M profit in 9M 2023/24; Q3 at SAR 6.4M

08/08/2024 Argaam Exclusive

Al Yamamah Steel Industries Co. reported a net profit of SAR 66.5 million in the nine months ended June 30, 2024, against a loss of SAR 107.2 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,114.13 1,553.34 39.4 %
Gross Income (23.33) 188.88 909.6 %
Operating Income (74.66) 122.71 264.4 %
Net Income (107.16) 66.54 162.1 %
Average Shares 50.80 50.80 -
EPS (Riyals) (2.11) 1.31 162.1 %

The positive nine-month performance was due to a decrease in the cost of sales of the construction and electricity segments of 28.14% and 16.55%, respectively.

 

The construction segment also posted a rise of 20.22% and 10.49% in sales volumes and value, respectively. They also increased in the renewable energy segment by 673.28% and 746.94%, respectively, despite operating expenses soaring by 28.89% (SAR 14.82 million) during the same period.

 

The company reported a net profit of SAR 6.4 million in Q3 2023/2024, against a loss of SAR 47.37 million a year earlier, driven mainly by a 60.48% uptick in sales to SAR 160.43 million.

 

Sequentially, the company's Q3 earnings dropped 78.9% from SAR 30.54 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 265.25 425.68 60.5 %
Gross Income 12.51 47.56 280.3 %
Operating Income (4.54) 25.83 668.5 %
Net Income (47.37) 6.45 113.6 %
Average Shares 50.80 50.80 -
EPS (Riyals) (0.93) 0.13 113.6 %

Shareholders’ equity, after minority interest, stood at SAR 584.6 million as of June 30, 2024, from SAR 539.4 million a year earlier.

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Share Price

Al Yamamah Steel Industries Co.
31.80
0.70 2.25 %

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

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Financial Ratios
Current
Market Cap (M Riyal) 1,615.44
Enterprise Value (EV) (M) 2,503.68
Shares Outstanding ((M)) 50.80
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 11.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 37.09
Price/book 2.76
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 7.8
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