Riyadh – Mubasher: Al Yamamah Steel Industries Company turned profitable at SAR 60.09 million in the first half (H1) of fiscal year (FY) 2023/2024, against losses of SAR 59.79 million in H1-22/23

The company posted revenues amounting to SAR 1.12 billion in H1-23/24, an annual surge of 32.84% from SAR 848.88 million, according to interim financial results.

Earnings per share(EPS) hit SAR 1.18 in the six-month period that ended on 31 March 2024, versus a loss per share with the same amount during H1-22/23.

Financial Statements for Q2-23/24

In the second quarter (Q2) of FY23/24, the Saudi company shifted to net profits valued at SAR 30.54 million, compared to net losses worth SAR 17.89 million in Q2-22/23.

Revenues hiked by 28.39% year-on-year (YoY) to SAR 496.944 million in Q2-23/24 from SAR 387.03 million.

On a quarterly basis, the net profits were higher by 3.36% than SAR 29.54 million Q1-23/24, while the revenues dropped by 21.20% from SAR 630.71 million.