Riyadh – Mubasher: Al Yamamah Steel Industries Company turned profitable in the third quarter (Q3) of fiscal year (FY) 2019/2020, achieving SAR 930,000 in net profits, against SAR 2 million in net losses in the same quarter a year earlier.

The turn to profit was helped by higher revenues by 88.23% as the sales volume and values from the construction sector soared by 99.6% and 105.7%, respectively, while the sales quantities and values from the electricity sector jumped by 55.6% and 34.9%, respectively, according to a stock exchange disclosure on Tuesday.

Selling and distribution expenses grew by 129.1% or SAR 5.2 million while Zakat expenses rose by 81.4% or SAR 1.46 million.

Revenues climbed to SAR 394.99 million in the April-June period of FY19/20, compared with SAR 209.84 million in the prior-year period.