Al Yamamah Steel profit down 58% to SAR 69.7 mln in 9M 2021/22; Q3 dives 99% to SAR 550,000

16/08/2022 Argaam Exclusive

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Al Yamamah Steel Industries Co.’s net profit after Zakat and tax more than halved to SAR 69.7 million for the nine-month period ended June 30, 2022, from SAR 167.8 million a year earlier.

The steel producer cited a 53.48% year-on-year (YoY) increase in the cost of raw materials in the construction sector, which outpaced a YoY rise of 35.48% in selling prices. The company also reported a YoY drop of 40.56% in the construction sector’s sales volumes, along with increased financing costs.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,293.39	1,149.80	(11.1 %)
Gross Income	284.03	157.28	(44.6 %)
Operating Income	223.11	106.02	(52.5 %)
Net Income	167.75	69.72	(58.4 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	3.30	1.37	(58.4 %)

In the third quarter, net profit after Zakat and tax sank 99% to SAR 550,000 from SAR 65 million in Q3 2020/21.

The cost of raw materials in the construction sector jumped 56.71% YoY, while selling prices rose 29.2% YoY. The construction sector’s sales volume decreased by 69.97%.

When compared to the previous quarter, net profit plummeted 98.4% from SAR 35.16 million amid higher cost of raw materials in the construction sector.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	405.50	237.25	(41.5 %)
Gross Income	103.81	23.61	(77.3 %)
Operating Income	82.98	9.59	(88.4 %)
Net Income	65.06	0.55	(99.2 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	1.28	0.01	(99.2 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	448.31	237.25	(47.1 %)
Gross Income	67.47	23.61	(65.0 %)
Operating Income	50.55	9.59	(81.0 %)
Net Income	35.16	0.55	(98.4 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	0.69	0.01	(98.4 %)

Total shareholders’ equity, after minority interest, increased to SAR 744.16 million by the end of the nine-month period, compared to SAR 721.368 million a year earlier.

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