Riyadh – Mubasher: Al Yamamah Steel Industries Company posted a decline in net profits for the fourth quarter (Q4) of 2019, as shown by its interim financial results.

The net loss after Zakat and tax amounted to SAR 7.58 million in Q4-19, compared with SAR 30.18 million for the same period in the previous year, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The company attributed the decrease in net losses to revenues more than doubling, growing by 103.94% year-on-year (YoY), on the back of higher sales due to increased demand.

Meanwhile, selling and marketing expenses increased by 164.6%, while financial charges soared by 120%.