Al Yamamah Steel holds 60% of Saudi renewable energy market: CEO

Al Yamamah Steel Industries Co.’s CEO Sahel Al Thobiti stated that the company controls over 60% of renewable energy projects in Saudi Arabia and exports to select international markets.

In an interview with CNBC Arabia, he said the company reported a 340% year-over-year (YoY) surge in solar energy sales. Al Yamamah Steel saw growth across all business segments.

Al Thobiti said the cost of sales fell as the company purchases raw materials at certain times during the year, outpacing a drop in selling prices during the period.

He noted lower financing costs, citing tighter collection measures and a decline in short-term loan balances.

Meanwhile, Al Thobiti added that higher selling and distribution costs stemmed largely from increased sales in electricity and renewable energy, which are directly linked to transporting products to project sites.

Al Thobiti announced the completion of Al Yamamah Steel's wind energy systems plant, expecting commercial production to begin next year.

He forecast growth across all segments, driven by Saudi Arabia’s construction boom, renewable energy projects, and preparations for the 2034 FIFA World Cup.