11,024.33 TRY BIST 100 BIST 100
4.57 CNY CNY CNY
32.97 USD USD USD
35.87 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

Riyadh steel’s profits soar: A remarkable turnaround in 2023

Riyadh Steel Co. achieved a remarkable financial turnaround in 2023, reporting a net profit of 11.1 million Saudi riyals, marking a 118.8% growth compared to the previous year. This surge in profits positions the company for continued success in the steel industry.

Riyadh steel’s profits soar: A remarkable turnaround in 2023

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.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Russian steel production decreased by 4% in June

Thursday, July 11, 2024

Cargo handled at Turkish ports increased

Friday, July 12, 2024

AISI reports decline in steel imports for June 2024

Friday, July 12, 2024

Chinese scrap market follows a volatile trend

Friday, July 12, 2024

Iron ore prices fluctuate in India

Friday, July 12, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now