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×Al Yamamah Steel incurs SAR 19 mln loss in H1 2018-19
Al Yamamah Steel Industries Co. has incurred SAR 19.2 million net loss after zakat and tax for the first half of 2018/2019, versus net profit of SAR 11 million a year earlier.
The losses were attributed to lower demand, fierce competition and project slowdown.
Financials Highlights (M)
| Item | 6m-2018 | 6m -2019 | Change |
|---|---|---|---|
| Revenues | 492.96 | 482.96 | (2.0 %) |
| Gross Income | 48.93 | 5.86 | (88.0 %) |
| Operating Income | 19.35 | (23.22) | (220.0 %) |
| Net Income | 11.02 | (19.21) | (274.3 %) |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyal) | 0.22 | (0.38) | (274.3 %) |
The second-quarter net profit after zakat and tax increased over twofold year-on-year (YoY) to SAR 10.97 million backed by a rise in other operating income and better demand for the construction sector products.
In the previous quarter, the company incurred net loss of SAR 30 million.
Business Segments - Revenues (M)
| Period | Pipelines factory | Electric poles factory | Frames factory | Electric power towers factory | Al Yamamah for reinforcing steel bars | Construction sector | Electricity sector |
|---|---|---|---|---|---|---|---|
| 2019 - Q1 | - | - | - | - | - | 172.07 | 26.71 |
| 2019 - Q2 | - | - | - | - | - | 225.52 | 58.66 |
| 2019 - Q3 | - | - | - | - | - | - | - |
| 2019 - Q4 | - | - | - | - | - | - | - |
| 2019 | - | - | - | - | - | - | - |
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