Riyadh Steel Reports 82% Drop in Net Profit to SAR 1.9 Million in 2024

Riyadh Steel Company recorded a sharp decline in net profit, falling 82% to SAR 1.9 million in 2024 from SAR 11.14 million in 2023, according to its preliminary financial results for the period ending December 31, 2024.

Operating profit decreased by 64% to SAR 4.07 million in 2024, down from SAR 11.4 million in the previous year. Despite the profit downturn, shareholders’ equity (excluding non-controlling interests) grew by 4%, reaching SAR 78 million, compared to SAR 75 million in 2023.

Earnings per share (EPS) dropped to SAR 0.03 in 2024, compared to SAR 0.16 in 2023.