Riyadh – Mubasher: Al Yamamah Steel Industries Company generated SAR 29.54 million in net profit during the first quarter (Q1) of fiscal year (FY) 2023/2024.
The registered profits were against net losses valued at SAR 41.90 million in Q1-22/23, according to interim financial results.
Revenues climbed by 36.56% to SAR 630.71 million as of 31 December 2023, versus SAR 461.84 million a year earlier.
The earnings per share hit SAR 0.58 in the first three months (3M) of FY23/34, versus a loss per share worth SAR 0.82 during the same period in FY22/23.
Quarter-on-quarter (QoQ), the company turned profitable in Q1-23/24 against losses worth SAR 22.97 million in Q4-22/23. Meanwhile, the revenues enlarged by 41.60% from SAR 445.40 million.
In FY22/23, Al Yamamah Steel reported 388.23% year-on-year (YoY) higher net losses at SAR 130.14 million, compared to SAR 26.66 million.
