10,319.96 TRY BIST 100 BIST 100
34.99 EUR EUR EUR
32.25 USD USD USD
4.49 CNY CNY CNY
0.13 CNY CNY/EUR CNY/EUR
42.53 TRY Interest Interest
83.58 USD Fossil Oil Fossil Oil
29.64 USD Silver Silver
4.91 USD Copper Copper
117.33 USD Iron Ore Iron Ore
382.00 USD Ship Dismantling Ship Dismantling
2,467.82 TRY Gold (gr) Gold (gr)

Yamamah Steel's Q1 profits surge to 29.5 million riyals, reflecting Saudi economic resilience

The company's success is attributed to strategic planning and adaptability, despite challenges like rising financing costs.

Yamamah Steel's Q1 profits surge to 29.5 million riyals, reflecting Saudi economic resilience

In a resounding testament to Saudi Arabia's economic prowess, Yamamah Steel, a leading player in the steel manufacturing sector, has reported a staggering profit of 29.5 million riyals at the close of the first quarter ending December 2023. This remarkable achievement not only underscores the resilience of the Saudi economy but also highlights Yamamah Steel's pivotal role in driving growth and prosperity.

Al Yamamah Steel Industries Company, a manufacturer in the construction, electricity, and communications sectors, reported profits of 29.5 million riyals for the first quarter ending in December 2023, compared to losses of 41.9 million riyals in 2022. The company's success can be attributed to increased sales in the electricity sector, significant price hikes in the renewable energy sector, and significant reductions in the cost of sales in both sectors.

Marked increases in both quantity and value of sales within the electricity sector, rising by 15.13% and 11.89% respectively.
Astonishing growth in the renewable energy sector, with sales quantity and value skyrocketing by 564.22% and 757.37% respectively.
Substantial price hikes in product sales within the renewable energy sector, soaring by 29.08%.

Encouraging upticks in sales volume within the construction sector, rising by 3.09%. Significant reductions in the cost of sales in both the construction and electricity sectors, dropping by 26.92% and 16.44% respectively. 

However, financing costs surged by 2,707 million riyals due to high global interest rates. The company's success is attributed to its resilience, strategic planning, and adaptability in navigating volatile market conditions.

 

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

Most read news

How the CEO of Emirates Steel Arkan is Transforming Leadership

Saturday, May 18, 2024

Taiwan's Feng Hsin keeps prices stable

Thursday, May 16, 2024

US steelmakers set cautious growth expectations for 2024

Friday, May 17, 2024

Rebar prices fall in India

Friday, May 17, 2024

The new Dutch government is cutting climate funding

Friday, May 17, 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