Al Yamamah Steel profit down 33% to SAR 69.2 mln in H1 2021/22; Q2 at SAR 35.2 mln

12/05/2022 Argaam Exclusive

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Al Yamamah Steel Industries Co. reported a net profit after Zakat and tax of SAR 69.2 million for the first half ended May 30, 2022, a 33% drop from SAR 102.7 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	887.89	912.55	2.8 %
Gross Income	180.22	133.67	(25.8 %)
Operating Income	140.13	96.42	(31.2 %)
Net Income	102.69	69.17	(32.6 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	2.02	1.36	(32.6 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	453.02	448.31	(1.0 %)
Gross Income	100.98	67.47	(33.2 %)
Operating Income	79.47	50.55	(36.4 %)
Net Income	60.02	35.16	(41.4 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	1.18	0.69	(41.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	464.24	448.31	(3.4 %)
Gross Income	66.20	67.47	1.9 %
Operating Income	45.87	50.55	10.2 %
Net Income	34.01	35.16	3.4 %
Average Shares	50.80	50.80	-
EPS (Riyals)	0.67	0.69	3.4 %

The lower profit was attributed to a rise of 56.98% and 11.66% year-on-year (YoY) in the cost of raw materials in the construction and electricity segments, respectively. The company also saw its sales volumes from the construction and electricity segments lower by 29.09% and 4.42% YoY, respectively. Finance charges increased by SAR 1.88 million YoY.

The second-quarter net profit after Zakat and tax fell by 41% to SAR 35.2 million from SAR 60 million in the year-earlier period. The cost of raw materials jumped by 45% YoY. The company also reported a drop in sales volumes from the construction and electricity segments by 21.52% and 14.46% YoY, respectively. Finance charges rose by SAR 1.94 million YoY.

Net profit after Zakat and tax grew by 3.4% from SAR 34 million in the previous quarter.

Total shareholders’ equity, after minority interest, stood at SAR 781.7 million at the end of the period, up from SAR 694.4 million a year earlier.

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