Al Yamamah Steel turns to SAR 60.1M profit in H1 2023/24; Q2 at SAR 30.5M

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.

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.

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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