Riyadh – Mubasher: Al Yamamah Steel Industries on Tuesday posted a net profit of SAR 48.3 million ($12.99 million) in the second quarter ended 31 March 2017, down 13.3% from SAR 55.7 million ($14.85 million) in the year-ago period.
Quarter-on-quarter, the company’s profits surged 63.2%, according to a filing to the Saudi Stock Exchange (Tadawul).
The year-on-year decline in profits is attributable to higher cost of sales and lower profit margins from the company’s electricity segment due to a project slowdown, Al Yamamah said.
For the six-month period ended 31 March 2017, the Saudi steel company achieved SAR 77.8 million in profits, up 13.97% from SAR 90.5 million in the corresponding period of the year before.
Al Yamamah Steel Industries opened Tuesday’s trades in the green, adding 1.75% and reaching SAR 29.10 by 10:20 am Saudi time.
