Riyadh –  Al Yamamah Steel Industries Company shifted to a net loss after Zakat and tax worth SAR 59.79 million in the first half (H1) of fiscal year (FY) 2022/2023, against net profits of SAR 69.17 million in the same half a year earlier.

The loss per share stood at SAR 1.18 in the first six months (6M) which ended on 31 March 2023, versus earnings per share (EPS) of SAR 1.36 in H1-22/23, according to the financial results.

Al Yamamah Steel generated revenue amounting to SAR 848.88 million during October 2022-March 2023, lower by 6.98% year-on-year (YoY) than SAR 912.55 million.

January-March 2023

In the second quarter (Q2) of FY22/23, the firm turned to net losses worth SAR 17.89 million versus a net profit of SAR 35.16 million in Q2-21/22.

Al Yamamah Steel recorded a 13.67% decline in sales to SAR 387.03 million in Q2-22/23 from SAR 448.31 million in the same 3M which ended on 31 March 2022.

In Q1-22/23, the company also incurred net losses worth SAR 41.90 million, against net profits of SAR 34.01 million in Q1-21/22.

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