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Al Yamamah widens losses by 85%

Al Yamamah widens losses by 85%
Net losses amounted to SAR 39.88 million
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Riyadh – Mubasher: Al Yamamah Steel Industries Company reported an increase in losses by 85.2% during the fiscal year (FY) that ended on 30 September 2019.

Net losses after Zakat and tax amounted to SAR 39.88 million, compared with SAR 21.53 million for the year before, as shown by the company’s financial statements, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The company attributed the increase in losses to the low number of projects, hard competition, and decreasing prices, despite a rise in raw material prices globally.

Al Yamamah also saw a surge in financing costs by SAR 8.69 million to finance reserves, working capital, and a new solar systems factory.

This came despite an increase in revenues by 9% year-on-year.