Al Yamamah Steel swings to net profit of SAR 50.7 mln in FY2019/20

22/12/2020 Argaam Exclusive

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Al Yamamah Steel Industries Co. posted a net profit after Zakat and tax of SAR 50.7 million for the fiscal year ending on Sept. 30, 2020, versus a net loss of SAR 39.9 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	959.28	1,867.42	94.7 %
Gross Income	33.38	201.67	504.1 %
Operating Income	(27.39)	113.69	515.1 %
Net Income	(39.88)	50.66	227.0 %
Average Shares	50.80	50.80	-
EPS (Riyals)	(0.78)	1.00	227.0 %

The company turned to profit due to higher sales revenue on an increase in the sold volumes.

Al Yamamah was bolstered by better performance in the construction sector, supported by the competitive strength of the cost of reinforcing steel bars and steel pipes, as well as the market response to demand during the spread of COVID-19 pandemic.

The company also reported better sales volumes and revenue from the electricity sector, respectively due to the increase in sales of towers and poles and the increase in sales of Al Yamamah Solar Power Systems Factory.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	266.47	473.71	77.8 %
Gross Income	7.52	73.84	882.2 %
Operating Income	(9.67)	48.09	597.4 %
Net Income	(18.67)	25.25	235.3 %
Average Shares	50.80	50.80	-
EPS (Riyals)	(0.37)	0.50	235.3 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	394.99	473.71	19.9 %
Gross Income	32.45	73.84	127.5 %
Operating Income	12.68	48.09	279.3 %
Net Income	0.93	25.25	2609.1 %
Average Shares	50.80	50.80	-
EPS (Riyals)	0.02	0.50	2609.1 %

In Q4 2019/20, the company swung to a net profit of SAR 25.3 million, against a net loss of SAR 18.7 million in prior-year period.

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