Al-Jazeera steel product company, a prominent steel company, announced a decline in profits for the first half of 2023. The company's financial report revealed that its profits decreased by 28% compared to the previous period.
Al-Jazeera Steel reported profits amounting to 2.03 million riyals for the first half of 2023. This figure reflects a significant drop from the estimated previous profit level of approximately 2.82 million riyals.
The decline in profits can be attributed to various factors impacting the steel industry, such as fluctuations in raw material prices, changes in market demand, and global economic conditions. Al-Jazeera Steel, like other companies in the sector, has faced challenges in maintaining profitability amidst these circumstances.