Riyadh –  Al Yamamah Steel Industries Company highlighted that the first phase of the expansion of the Jeddah Pipes factory started commercial production in April 2024.

In a bourse statement, the company noted that the financial impact is expected to be reflected from the beginning of the third quarter (Q3) of 2024.

During Q1 of fiscal year (FY) 2023/2024, the listed firm turned profitable at SAR 29.54 million, against net losses valued at SAR 41.90 million in Q1-22/23.

Revenues jumped by 36.56% year-on-year (YoY) to SAR 630.71 million in Q1-23/24 from SAR 461.84 million.

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