The profits of Al Yamamah Steel Industries jumped by about 70 times to 65.056 million riyals in the third quarter of the company’s fiscal year.
According to Arabiya Net, the company said, in a statement, that its quarterly net profit amounted to 65.059 million riyals, compared to 932 thousand riyals during the same period last year.
The company's sales increased by 2.7% to 405.5 million riyals, compared to 394.987 million riyals.
The company attributed the reason for the increase in profits to the increase in selling prices of products in the construction sector by 54.81%, which is higher than the increase in the sector's cost of sales, which amounted to 17.43%, which was supported by at the cost of raw materials, despite the decrease in the quantities sold to the sector by 33%, which led to a decrease in selling and distribution expenses by 1.44 million riyals, or 15.51% as a result of the decrease in shipping expenses.
It also said that the financing burdens decreased by 2.15 million riyals, or 40.71%, as a result of the decrease in loan balances and interest rates.
During the first nine months ending on June 30, the company's profits grew by 560.2% to 167.7 million riyals.
This comes despite the decline in revenues during that period by 7% to 1.293 billion riyals.
