Riyadh – Mubasher: Al Yamamah Steel Industries Co on Monday reported a 91.06% year-on-year drop in net profit for the second quarter ended March 2018, shrinking to SAR 4.3 million from SAR 48.1 million.  

Meanwhile, net profit retreated 35.82% quarter-on-quarter, as compared with the previous quarter, according to a filing to the Saudi Stock Exchange (Tadawul).

The decline in net profit was mainly driven by an increase in the cost of sales and lower margin profit as sales fell by 40% due to projects’ recession and intense competition, the Tadawul-listed firm noted. 

Net profit plunged 85.73% during the six-month period ended March 2018 to SAR 11 million, versus SAR 77.1 million in the prior-year period.

It is worth noting that the company’s fiscal year ends 30 September.

Al Yamamah Steel Industries’ stock closed Sunday’s trading session down 0.97% to SAR 21.39.