Al Yamamah Steel turns to SAR 70.8M profit in FY 2023/24; Q4 at SAR 4.3M

26/12/2024 Argaam Exclusive

Content Summary:

Loading data...

Comments Analysis:

Positive: 0%
Neutral: 0%
Negative: 0%
Comments Summary:Loading data...
Please note that this news summary has been generated using artificial intelligence. It is recommended to review the original sources for complete details and to verify the accuracy of the information.

Al Yamamah Steel Industries Co. reported a net profit of SAR 70.8 million in the fiscal year ended Sept. 30, 2024, against a loss of SAR 130.1 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,559.53 1,956.59 25.5 %
Gross Income (81.51) 223.90 374.7 %
Operating Income (147.03) 138.64 194.3 %
Net Income (130.14) 70.80 154.4 %
Average Shares 50.80 50.80 -
Earnings Per Share before unusual items (Riyals) (3.61) 1.39 138.6 %
EPS (Riyal) (2.56) 1.39 154.4 %

The improved performance was attributed to higher revenues due to a year-on-year (YoY) surge in sales value and volumes in the renewable energy segment by 340.45% and 303.78%, respectively. The electricity segment's sales value also increased by 2.49% YoY. In addition, the construction segment posted a rise of 7.21% and 1.92% in sales volumes and value, respectively, compared to the year-earlier period.

 

Moreover, the cost of sales in the construction, electricity, and solar energy segments decreased YoY by 20.82%, 7.56%, and 10.35%, respectively. These rates are higher than the decrease in the selling prices of products in the construction and electricity segments, which amounted to 8.33% and 4.93%, respectively.

 

Financing costs fell by 3.05% (SAR 2.1 million) due to a decrease in short-term loan balances.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 445.40 403.25 (9.5 %)
Gross Income (58.18) 35.02 160.2 %
Operating Income (72.37) 15.92 122.0 %
Net Income (22.98) 4.26 118.6 %
Average Shares 50.80 50.80 -
Earnings Per Share before unusual items (Riyal) (1.77) 0.08 104.7 %
EPS (Riyal) (0.45) 0.08 118.6 %

On the other hand, selling and distribution expenses rose by 54.95% (SAR 11.35 million) YoY, and administrative expenses increased by 14.88% (SAR 6.89 million).

 

The company reported a net profit of SAR 4.3 million in Q4 2023/2024, against a loss of SAR 22.98 million a year earlier.

 

Sequentially, the company's Q4 earnings dropped 33.9% from SAR 6.45 million in the previous quarter.

 

Shareholders’ equity, after minority interest, stood at SAR 589.08 million at the end of the current period, compared with SAR 518.15 million a year earlier.

View More Financial Results

 

View other reports