Riyadh – Mubasher: Al Yamamah Steel Industries on Wednesday said its net profit retreated 76.9% year-on-year in the first quarter of 2017.
Net profits decreased to SAR 6.7 million in the three-month period ended 31 December 2017, down from SAR 29 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).
Al Yamamah Steel Industries’ fiscal year started in October 2016 and ended in September 2017.
Quarter-on-quarter, profits of the steel producer plunged 36.63%.
The Saudi Arabia-based firm attributed the drop in its first-quarter profits to the rise of sales cost, and the fall of profit margin, and 38.2% decline in sales.
The company's stock ended Tuesday’s trading session down 1.3% to SAR 24.52.
