Al Yamamah Steel turns to SAR 66.5M profit in 9M 2023/24; Q3 at SAR 6.4M

Al Yamamah Steel Industries Co. reported a net profit of SAR 66.5 million in the nine months ended June 30, 2024, against a loss of SAR 107.2 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,114.13	1,553.34	39.4 %
Gross Income	(23.33)	188.88	909.6 %
Operating Income	(74.66)	122.71	264.4 %
Net Income	(107.16)	66.54	162.1 %
Average Shares	50.80	50.80	-
Earnings Per Share before unusual items (Riyals)	(1.84)	1.31	171.2 %
EPS (Riyal)	(2.11)	1.31	162.1 %

The positive nine-month performance was due to a decrease in the cost of sales of the construction and electricity segments of 28.14% and 16.55%, respectively.

The construction segment also posted a rise of 20.22% and 10.49% in sales volumes and value, respectively. They also increased in the renewable energy segment by 673.28% and 746.94%, respectively, despite operating expenses soaring by 28.89% (SAR 14.82 million) during the same period.

The company reported a net profit of SAR 6.4 million in Q3 2023/2024, against a loss of SAR 47.37 million a year earlier, driven mainly by a 60.48% uptick in sales to SAR 160.43 million.

Sequentially, the company's Q3 earnings dropped 78.9% from SAR 30.54 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	265.25	425.68	60.5 %
Gross Income	12.51	47.56	280.3 %
Operating Income	(4.54)	25.83	668.5 %
Net Income	(47.37)	6.45	113.6 %
Average Shares	50.80	50.80	-
Earnings Per Share before unusual items (Riyal)	(0.17)	0.13	174.6 %
EPS (Riyal)	(0.93)	0.13	113.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	496.94	425.68	(14.3 %)
Gross Income	68.38	47.56	(30.5 %)
Operating Income	47.77	25.83	(45.9 %)
Net Income	30.54	6.45	(78.9 %)
Average Shares	50.80	50.80	-
Earnings Per Share before unusual items (Riyal)	0.60	0.13	(78.9 %)
EPS (Riyal)	0.60	0.13	(78.9 %)

Shareholders’ equity, after minority interest, stood at SAR 584.6 million as of June 30, 2024, from SAR 539.4 million a year earlier.

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Al Yamamah Steel turns to SAR 66.5M profit in 9M 2023/24; Q3 at SAR 6.4M

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Financials (M)

Current Quarter Comparison (M)

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