Riyadh – Mubasher: Saudi Arabia-based Al Yamamah Steel Industries Co has signed a SAR 44 million contract with Saudi Services for Electro Mechanic Works Co.

Under the ten-month agreement, Al Yamamah Steel Industries will provide Saudi Services with electric towers, starting from June, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm further noted that the transaction’s financial impact will start to appear in its results in the third quarter of 2019, until Q2-20.

Al Yamamah Steel last reported incurring a loss of SAR 30.18 million after calculating Zakat and Tax during its first quarter ended on 31 December 2018, against posting a profit of SAR 6.73 million in Q1-17.

It is worth noting that Al Yamamah Steel Industries Co’s fiscal year ends on 30 September.

By 11:38 Saudi time, Al Yamamah Steel Industries Co’s stock levelled up 0.70% to SAR 14.34.