Al Yamamah Steel Industries Co. swung to a net profit after Zakat and tax of SAR 42.7 million for the first quarter ended Dec. 31, 2020, versus a net loss of SAR 7.6 million a year earlier.
The steel producer’s net earnings were lifted by a 7.27% rise year-on-year (YoY) in sales revenue, amid higher product selling prices and a decline in the cost of raw materials in the construction sector. A decrease in the cost of raw materials in the electricity sector, and lower finance charges also bolstered the financial results.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 405.39 | 434.87 | 7.3 % |
| Gross Income | 18.89 | 79.24 | 319.4 % |
| Operating Income | 0.73 | 60.65 | 8254.5 % |
| Net Income | (7.58) | 42.67 | 662.6 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | (0.15) | 0.84 | 662.6 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 473.71 | 434.87 | (8.2 %) |
| Gross Income | 73.84 | 79.24 | 7.3 % |
| Operating Income | 48.09 | 60.65 | 26.1 % |
| Net Income | 25.25 | 42.67 | 69.0 % |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | 0.50 | 0.84 | 69.0 % |
Al Yamamah Steel’s net profit was higher, when compared to the previous quarter, as product selling prices in the construction and electricity sectors rose by 6% and 5%, respectively. In addition, the costs of raw materials in the construction and electricity sectors dropped 14% and 5%, respectively.
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