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06 Feb

Al Yamamah turns to loss in December quarter

Saudi Arabia’s Al Yamamah Steel reported a 0.5% on-year drop but 46.5% on-quarter growth in revenue in its first fiscal quarter through December 2022 to SAR 461.8 million ($123.16m). Net loss was SAR 41.9m versus net profit of SAR 34.01m a year earlier. The loss is due to falling steel prices, which led to a decrease in selling prices by 28.5% amid weak demand in the construction sector, especially for rebar. Cost of sales increased in the same per…
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