The results of Al Yamamah Steel Industries Company, for the fiscal year ending on September 30, 2024, revealed the company’s turn to profitability compared to the net losses incurred by the company in the previous year.

According to the company’s data, on “Tadawul”, today, Thursday, the company recorded a net profit of 70.8 million riyals, compared to losses of 130.14 million riyals for the fiscal year ending in September 2023.

The company explained that its turn to profitability came as a result of the decrease in the cost of sales in the construction, electricity and solar energy sectors, in addition to the increase in the quantity and value of sales in the renewable energy sector, and the decrease in financing burdens.

It indicated that, in contrast, the selling prices of products in the construction and electricity sectors decreased, and selling and distribution expenses and administrative expenses increased.

The company turned profitable in the nine months ending June 30, 2024, with a net profit of 66.54 million riyals, compared to losses of 107.16 million riyals for the same period last year.