Al Yamamah Steel Industries posted a net profit of 70.8 million riyals for the fiscal year ending September 30, 2024, offsetting the previous year's loss. The company, which posted a net loss of SAR 130.14 million in FY2023, returned to profitability thanks to lower selling costs in the construction, electricity and solar sectors, higher sales in the renewable energy sector and lower financing burdens.
However, the company also felt the negative impact of lower selling prices of products in the construction and electricity sectors and higher selling, distribution and administrative expenses. Nevertheless, its financial performance improved throughout the year.
Al Yamamah Steel delivered another strong performance in the first nine months of the year, posting a net profit of SAR 66.54 million. This represents a significant turnaround compared to a loss of SAR 107.16 million in the same period last year.
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