Al Yamamah Steel swings to SAR 24.5 mln profit in H1

20/05/2020 Argaam Exclusive

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Al Yamamah Steel Industries Co. posted net profit after Zakat and tax of SAR 24.5 million for H1 ending March 31, 2020, compared to a net loss of SAR 19.2 million in year earlier period, thanks to higher sales and revenue amid improved sales in the construction sector.

Al Yamamah Solar Power Systems Factory also contributed to the increase in sales volumes and values in the electricity sector.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	482.96	998.73	106.8 %
Gross Income	5.86	95.38	1528.4 %
Operating Income	(23.22)	52.92	328.0 %
Net Income	(19.21)	24.48	227.4 %
Average Shares	50.80	50.80	-
EPS (Riyals)	(0.38)	0.48	227.4 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	284.18	593.33	108.8 %
Gross Income	21.68	76.48	252.8 %
Operating Income	6.30	52.20	728.1 %
Net Income	10.97	32.06	192.2 %
Average Shares	50.80	50.80	-
EPS (Riyals)	0.22	0.63	192.2 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	405.39	593.33	46.4 %
Gross Income	18.89	76.48	304.8 %
Operating Income	0.73	52.20	7089.8 %
Net Income	(7.58)	32.06	522.7 %
Average Shares	50.80	50.80	-
EPS (Riyals)	(0.15)	0.63	522.7 %

In Q2, the steel producer reported net profit after Zakat and tax of SAR 32 million, compared to net profit of SAR 11 million in year earlier period, thanks to higher sales and revenue amid improved sales volumes and value in the construction sector.

The profit rise was also buoyed by raw material prices, when compared to cost.

When compared to the previous quarter, Al Yamamah turned profitable from a net loss of SAR 7.6 million, driven by higher sales and revenue.

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