Al Yamamah Steel Industries Co.’s net profit after Zakat and tax more than halved to SAR 69.7 million for the nine-month period ended June 30, 2022, from SAR 167.8 million a year earlier.
The steel producer cited a 53.48% year-on-year (YoY) increase in the cost of raw materials in the construction sector, which outpaced a YoY rise of 35.48% in selling prices. The company also reported a YoY drop of 40.56% in the construction sector’s sales volumes, along with increased financing costs.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,293.39 | 1,149.80 | (11.1 %) |
| Gross Income | 284.03 | 157.28 | (44.6 %) |
| Operating Income | 223.11 | 106.02 | (52.5 %) |
| Net Income | 167.75 | 69.73 | (58.4 %) |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | 3.30 | 1.37 | (58.4 %) |
In the third quarter, net profit after Zakat and tax sank 99% to SAR 550,000 from SAR 65 million in Q3 2020/21.
The cost of raw materials in the construction sector jumped 56.71% YoY, while selling prices rose 29.2% YoY. The construction sector’s sales volume decreased by 69.97%.
When compared to the previous quarter, net profit plummeted 98.4% from SAR 35.16 million amid higher cost of raw materials in the construction sector.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 405.50 | 237.25 | (41.5 %) |
| Gross Income | 103.81 | 23.61 | (77.3 %) |
| Operating Income | 82.98 | 9.59 | (88.4 %) |
| Net Income | 65.06 | 0.55 | (99.2 %) |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | 1.28 | 0.01 | (99.2 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 448.31 | 237.25 | (47.1 %) |
| Gross Income | 67.47 | 23.61 | (65.0 %) |
| Operating Income | 50.55 | 9.59 | (81.0 %) |
| Net Income | 35.16 | 0.55 | (98.4 %) |
| Average Shares | 50.80 | 50.80 | - |
| EPS (Riyals) | 0.69 | 0.01 | (98.4 %) |
Total shareholders’ equity, after minority interest, increased to SAR 744.16 million by the end of the nine-month period, compared to SAR 721.368 million a year earlier.
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