Riyadh Steel Company’s profits, which are active in the steel industry and scrap sales, rose slightly to 2.53 million riyals by the end of the first half of 2024, compared to profits of 2.52 achieved during the same period in 2023.
Summary of financial results (million)
| Item | 6 months 2023 | 6 months 2024 | Change |
|---|---|---|---|
| Revenue | 55.92 | 70.65 | 26.3 % |
| Gross Income | 2.52 | 2.53 | 0.5 % |
| Operating Income | 7.00 | 7.00 | – |
| Net Income | 0.36 | 0.63 | 0.5 % |
The company said that the reason for the increase in profits during the current period compared to the same period of the previous year is due to:
– An increase in sales for the current period compared to the same period of the previous year by 26.35% from 55.92 million riyals to 70.65 million riyals due to an increase in the quantities of goods sold against a decrease in the average selling price.
– An increase in other revenues by 252%, equivalent to an increase of 636 thousand riyals compared to the same period of the previous year.
