Riyadh – Mubasher: Al Yamamah Steel Industries Company shifted to net losses after Zakat and tax worth SAR 41.90 million in the first quarter (Q1) of fiscal year (FY) 2022/2023, versus net profits of SAR 34.01 million in Q1-21/22.

Revenues hit SAR 461.85 million in Q1-22/23, down 0.52% year-on-year (YoY) from SAR 464.24 million, according to the interim financial results.

The loss per share stood at SAR 0.82 per share during October-December 2022, compared to earnings per share (EPS) worth SAR 0.67 in Q1-21/22.

On a quarterly basis, the net losses in Q1-22/23 plummeted by 56.53% from SAR 96.38 million in Q4-21/22, whereas the revenues hiked by 46.54% from SAR 315.18 million.

In FY21/22, the Tadawul-listed firm swung to net losses after Zakat and tax worth SAR 26.66 million, against net profits of SAR 207.83 million during the 12-month period that ended on 30 September 2021.