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Al Yamamah Steel Industries Co. announces its Interim Financial Results for the Period Ending on 2022-12-31 ( Three Months )

1304
ALYAMAMAH STEEL
-1.39 %
1444/07/11     02/02/2023 15:37:36

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 461.85464.24-0.52315.1846.54
Gross Profit (Loss) -17.9566.2--79.12-77.31
Operational Profit (Loss) -35.9145.87--93.87-61.74
Net Profit (Loss) after Zakat and Tax -41.934.01--96.38-56.53
Total Comprehensive Income -41.934.01--96.38-56.53
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 604.64746.54-19.01
Profit (Loss) per Share -0.820.67
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the company's achievement of a net loss amounted SAR 41.9 Million compared to a net profit amounted SAR 34 Million for the same quarter of the previous year is due to the global continued decline in steel prices during the current quarter which leaded to the decrease in the selling prices by 28.25%, the weak demand for the products of the construction sector, especially the reinforcing steel bars, the increase in cost of sales and recording inventory impairment provision amounted about SAR 23.1 Million. In addition to the negative contribution of the increase in the financing charges by SAR 10.21 Million and by a rate of 289% compared to the same quarter of the previous year as a result of the increase in short term loans used in financing the purchases of raw materials and the increase in the financing interest rates worldwide .
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The reason for the decrease in the net loss for the current quarter compared to the previous quarter by 56.5% is due to the consumption of inventory impairment provision in the current quarter amounted SAR 48 Million from the recorded about SAR 56 provision in the previous quarter, which contributed in the decrease of the impact of the recorded provision in the current quarter amounted SAR 23.1 Million due to the continued decline in prices of steel raw materials during the current quarter. Despite the fact that the selling prices of the products of the construction sector have decreased by 6% due to the local and global decline in the demand for many products.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion No
Reclassification of Comparison Items Certain comparative figures have been reclassified to comply with the current period presentation of the financial statements.
Additional Information No

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Last Price 42.55
Net Change -0.6 (-1.39%)
Value Traded (Sar) 17,658,563.05
Volume Traded 417,237
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