Riyadh – Mubasher: Al Yamamah Steel Industries on Wednesday said its net profits retreated 45.5% in the fourth quarter of 2017, compared to the year-ago period.

Net profits decreased to SAR 10.9 million in Q4-17, compared to SAR 20 million in Q4-16, according to a statement to the Saudi Stock Exchange (Tadawul).

The Q4-17 of the company ended on 30 September.

Quarter-on-quarter, profits plunged 36.63%.

Saudi Arabia-based steel firm attributed the drop in its year-on-year net profits to the rise of sales’ cost, the drop in profit margin, and decline of 12% in sales volume.

During the 12-month period net profits declined 42.87% to reach SAR 103.7 million, compared to SAR 181.5 million in the same period in the year before.

Al Yamamah Steel Industries’ fiscal year started in the first of October and ended on September of each year.

By 10:12 am KSA time, the steel industries company's stock shed 0.69% to SAR 22.98.