Riyadh – Mubasher: The net profits after Zakat and tax of Al Yamamah Steel Industries Company hiked by 310.28% to SAR 207.832 million during the year ended on 30 September 2021, compared to SAR 50.656 million in the year-ago period.

Higher net profits are attributed to an increase in selling prices of the products in the construction and electricity sectors by 36% and 6.32%, respectively, according to a bourse filing on Monday.

The company's revenues decreased by 13.3% to SAR 1.619 billion in the year ended on 30 September 2021 from SAR 1.867 billion in the corresponding period of the earlier year.

The earnings per share (EPS) settled at SAR 4.09 in the year ended on 30 September 2021, versus SAR 0.997 in the year-ago period.

Meanwhile, the company's board has recommended SAR 50.8 million cash dividend distribution, representing 10% of the capital, for the second half of the fiscal year ended 30 September 2021.