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Al Yamamah Steel records 58.5% lower profits in 9M-21/22

Al Yamamah Steel records 58.5% lower profits in 9M-21/22
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Riyadh – Mubasher: Al Yamamah Steel Industries Company posted a 58.43% year-on-year (YoY) drop in net profit after Zakat and tax to SAR 69.72 million during the first nine months (9M) of fiscal year (FY) 2021/2022, versus SAR 167.75 million.

Sales amounted to SAR 1.14 billion in the October 2021-June 2022 period, down 11.10% YoY from SAR 1.29 billion, according to the interim financial results.

The earnings per share (EPS) plunged to SAR 1.37 in 9M-21/22 from SAR 3.30 in the year-ago period.

During the third quarter (Q3) that ended on 30 June 2022, the company’s net profit after Zakat and tax plummeted by 99.15% SAR 550,000 from SAR 65.06 million during the same period in the previous FY.

Furthermore, the revenues fell by 41.49% YoY to SAR 237.25 million in April-June 2022, compared to SAR 405.50 million.

On a quarterly basis, the net profits in Q3-21/22 shrank by 98.44% from SAR 35.16 million in Q2-21/22, while the sales dropped by 47.08% from SAR 448.31 million.

In the October 2021-March 2022 period, Al Yamamah Steel logged net profits after Zakat and tax worth SAR 69.17 million, lower by 32.63% YoY than SAR 102.68 million.