Riyadh – Mubasher: Al Yamamah Steel Industries Company achieved a 560% surge in net profits after Zakat and tax to SAR 167.74 million in the first nine months (9M) of fiscal year (FY) 2020/2021 from SAR 25.40 million in the 9M period from October 2019 until June 2020.

Earnings per share stood at SAR 3.3 in 9M-20/21, compared to SAR 0.5 in 9M-19/20, according to the financial results on Thursday.

Sales decreased by 7% to SAR 1.29 billion in the October 2020-June 2021 period from SAR 1.39 million in the same 9M a year earlier.

During the third quarter (Q3) of FY20/21, Al Yamamah Steel recorded a leap of 6,880% in net profits to SAR 65.05 million from SAR 932,000 in Q3-19/20.

Sales grew by 2.6% to SAR 405.5 million in Q3 that ended on 30 June 2021 from SAR 394.98 million in Q3-19/20.

On a quarterly basis, the net profits in Q3-20/21 were 8% higher than SAR 60.02 million in Q2-20/21, while the revenues shrank by 10.4% from SAR 453.02 million.