Financial Results : Al Yamamah Steel turns to SAR 42.7 mln profit in Q1 FY2020/21

Al Yamamah Steel turns to SAR 42.7 mln profit in Q1 FY2020/21

08/02/2021 Argaam Exclusive

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Al Yamamah Steel Industries Co. swung to a net profit after Zakat and tax of SAR 42.7 million for the first quarter ended Dec. 31, 2020, versus a net loss of SAR 7.6 million a year earlier.

 

The steel producer’s net earnings were lifted by a 7.27% rise year-on-year (YoY) in sales revenue, amid higher product selling prices and a decline in the cost of raw materials in the construction sector. A decrease in the cost of raw materials in the electricity sector, and lower finance charges also bolstered the financial results.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 405.39 434.87 7.3 %
Gross Income 18.89 79.24 319.4 %
Operating Income 0.73 60.65 8254.5 %
Net Income (7.58) 42.67 662.6 %
Average Shares 50.80 50.80 -
EPS (Riyals) (0.15) 0.84 662.6 %

Al Yamamah Steel’s net profit was higher, when compared to the previous quarter, as product selling prices in the construction and electricity sectors rose by 6% and 5%, respectively. In addition, the costs of raw materials in the construction and electricity sectors dropped 14% and 5%, respectively.

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