Al Yamamah Steel’s Profits Fell to SR34mln

The net profit after zakat and tax for Al Yamamah Steel Industries company decreased to SR34.01 million, during the 1^st quarter of 2021, compared to SR42.7 million in the same quarter of the previous year, a decrease of 20%, in 3-month, ending Dec 31, 2021.

The operating profit in the 1st quarter decreased by SR45.9 million, compared to SR60.7 million, in the same quarter of last year, down 24.4%.

The total profit decreased to SR66.19 million, in the 1^st quarter, compared to SR79.23 million in the same quarter of last year, at a rate of 16.4%.

Earnings per share in the 1^st quarter amounted to SR0.67, compared to SR0.84 in the same period, last year.

The main reason for the decrease, in net profit during that quarter by 20.28%, compared to the same quarter of the previous year, was the increase in the cost of raw materials by 69.60%, an increase of 13.70%, higher than the rate of increase, in selling prices of products, at 60.51%, and an increase of 11.48%, in the construction and electricity sectors, alike.

In addition to a decrease in sales quantities, in the construction sector by 35.7%.

The main reason for the decrease in net profit during the quarter by 15.15%, compared to the previous quarter, was the increase in the cost of raw materials by 5.7% and 22.9%, respectively, in addition to the decrease in selling prices of products by 3.85% and 0.51% decrease in the construction and electricity sectors.