Saudi Arabia’s Al Yamamah Steel Industries Co. has reported a significant turnaround in its financial performance, moving from a SAR 107.16 mln loss in the first nine months of FY24, which ended June 30, 2024, to a profit of SAR 66.5 mln (USD 17.69 mln) for the same period in the previous fiscal year.
This recovery is attributed to a 20.22pct increase in sales volume and a 10.49pct rise in sales value within the construction sector, as well as a dramatic rise of 673.28pct in sales volume and 746.94pct in sales value in the renewable energy sector. Additionally, the selling price of renewable energy products increased by 9.53pct.
The company’s revenue surged by 39.4pct YoY to SAR 1.55 bln (USD 412.5 mln).
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
