Riyadh – Mubasher: Al Yamamah Steel Industries on Tuesday posted a 74.7% decline in net profits for the third quarter ended June 2017, according to a filing to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company achieved a net profit of SAR 17.2 million in Q3-17 against SAR 67.9 million in the corresponding period of 2016.

The financial statements of the company showed a 64.4% drop in profits of Q3-17, compared to Q2-17.

The firm attributed the year-on-year decline to the higher cost of sales and the 39% fall in profit margin associated with lower sales volume due to a slowdown in projects and the intensity of competition.

In the first nine months of the current fiscal year, Al Yamamah Steel’s net profit reached SAR 92.8 million against SAR 161.5 million in the same period of the year before.

The fiscal year of the firm starts on 1 October and ends in September each year.