Riyadh – Mubasher: Al Yamamah Steel Industries Co on Tuesday announced that the commercial operation of solar power systems facility will start during the second quarter of 2019.
The plant will produce steel structure system that will be used in the tracking system of concentrated solar plant (CSP) in the fourth phase of Dubai Solar Park Project, according to a statement to the Saudi Stock Exchange (Tadawul).
On Monday, Al Yamamah Steel Industries inked a four-year contract with Spain-based Europea de Construcciones Metalicas, S.A. at a value of SAR 400.3 million ($106.8 million).
On 11 February, the Tadawul-listed firm reported suffering a loss of SAR 30.18 million during its first quarter ended on 31 December 2018, against posting a profit of SAR 6.73 million in Q1-17.
It is worth noting that Al Yamamah Steel Industries’ fiscal year ends on 30 September.
By 12:11 pm Saudi time, Al Yamamah Steel Industries Co’s stock levelled up 9.93% to SAR 16.16.
