Saudi Arabia’s Al Yamamah Steel Industries Co. reported a sharp decline in net profit for Q1 FY25, which ended on December 31, 2024, according to its interim financial results.
Net profit plunged 84.4pct year-on-year to SAR 4.59 mln (USD 1.22 mln), down from SAR 29.5 mln in the same period last year.
Revenue fell 23.1pct year-on-year to SAR 484 mln (USD 129 mln), driven by a significant drop in sales volume and value in key sectors. Sales in the renewable energy sector declined by 60.1pct in volume and 73.7pct in value, while sales in the electricity sector dropped 15.3pct in volume and 4.6pct in value.
The company attributed the profit decline to lower selling prices in the construction sector, which fell by 6.3pct.
Al Yamamah Steel specializes in the manufacturing and sale of a variety of products including welded tubes, sheets, rebars, and three-dimensional space structures, primarily serving the buildings and infrastructure sector. The company also produces galvanized steel lighting and distribution poles, high mast structures, and galvanized steel lattice towers for the electrical and distribution industry. Its production facilities are strategically located in Jeddah, Dammam, and Yanbu.
1 USD / 3.75 SAR
