Al Yamamah Steel turns to losses of SAR 107.2 mln in 9M 2022/23; Q3 at SAR 47.4 mln

09/08/2023 Argaam Exclusive

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Al Yamamah Steel Industries Co. reported a net loss of SAR 107.2 million in the nine months ended June 30, 2023, against a profit of SAR 69.7 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,149.80	1,114.13	(3.1 %)
Gross Income	157.28	(23.33)	(114.8 %)
Operating Income	106.02	(74.66)	(170.4 %)
Net Income	69.72	(107.16)	(253.7 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	1.37	(2.11)	(253.7 %)

The losses were attributed to a decrease in sales in the construction segment by 20.45% year-on-year (YoY) and a decrease in the selling prices by 27.79% YoY, which is higher than the 1.88% rate of decline in cost of sales in the same segment.

In addition, the company recorded inventory impairment provision for reinforcing steel bars amounted to about SAR 69.70 million and incurred higher financing costs by SAR 34.51 million due to the increase in the balances of short-term loans used to finance purchases of raw materials and the increase of the financing interest rates worldwide.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	237.25	265.25	11.8 %
Gross Income	23.61	12.51	(47.0 %)
Operating Income	9.59	(4.54)	(147.4 %)
Net Income	0.55	(47.37)	(8708.0 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	0.01	(0.93)	(8708.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	387.03	265.25	(31.5 %)
Gross Income	7.06	12.51	77.1 %
Operating Income	(9.26)	(4.54)	50.9 %
Net Income	(17.89)	(47.37)	(164.7 %)
Average Shares	50.80	50.80	-
EPS (Riyals)	(0.35)	(0.93)	(164.7 %)

The company reported a net loss of SAR 47.4 million in Q3 2022/2023, against a profit of SAR 0.55 million a year earlier.

Sequentially, the company widened its losses from SAR 17.89 million in Q2 2022/2023.

Shareholders’ equity, after minority interest, stood at SAR 539.8 million as of June 30, 2023, from SAR 744.16 million a year earlier.

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