Riyadh – Mubasher: The net losses after Zakat and tax of Al Yamamah Steel Industries Company hiked by 388.23% to SAR 130.14 million in fiscal year (FY) 2022/2023 from SAR 26.66 million in FY21/22.

The revenues hit SAR 1.55 billion in the 12-month period that ended on 30 September 2023, an annual increase of 6.45% from SAR 1.46 billion.

Loss per share reached SAR 2.56 in FY22/23, up year-on-year (YoY) from SAR 0.52, according to the annual financial results.

Accumulated Losses

The company suffered accumulated losses amounting to SAR 19.05 million as of 30 September 2023, equivalent to 3.75% of the share capital.

In the first half (H1) of FY22/23, Al Yamamah Steel turned to net losses after Zakat and tax valued at SAR 59.79 million, against net profits of SAR 69.17 million in H1-21/22.