In a remarkable financial turnaround, Riyadh Steel Co. reported a substantial increase in net profit, reaching 11.1 million Saudi riyals by the end of 2023. This impressive growth of 118.8% compared to the previous year’s profit of 5.1 million riyals signifies a period of robust economic recovery and business expansion for the company.
The company benefited from increased other income sources.
Despite a decline in revenue due to reduced market prices for finished goods and lower sales volumes, Riyadh Steel’s strategic financial management led to a remarkable profit surge.
Shareholders’ equity, excluding minority interest, also grew to 74.9 million riyals as of December 31, 2023, compared to 64.3 million riyals in 20221. This positive trajectory positions Riyadh Steel for continued success in the steel industry.
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