Riyadh – Mubasher: Al Yamamah Steel Industries’ net profits rose 22% year-on-year to SAR 66.4 million ($17.7 million) in the third quarter ended 30 June 2016 from SAR 54.4 million ($14.5 million).
The increase in net profit was attributed to improved steel pipe prices, lower sales cost and higher profit margin, according to a bourse filing on Thursday.
The third quarter of the year was impacted by a sum of SAR 12.3 million, representing subscription costs during the nine-month period ended 30 June 2016.
Quarter-on-quarter, the steel company’s profits were up 19.4%.
Net profits for the nine-month period ended 30 June 2016 were up 11.9% to SAR 156.9 million compared to SAR 140.2 million in the same period of 2015.
