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Al Yamamah Steel Industries Co. announces its Annual Financial Results for the Period Ending on 2023-09-30
1304
ALYAMAMAH STEEL
-5.77
%
1445/06/14 27/12/2023 16:44:22
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,559.53 | 1,464.98 | 6.45 | ||
| Gross Profit (Loss) | -28.3 | 78.16 | - | ||
| Operational Profit (Loss) | -95.31 | 12.51 | - | ||
| Net Profit (Loss) after Zakat and Tax | -130.14 | -26.66 | 388.23 | ||
| Total Comprehensive Income | -128.4 | -27.89 | 360.38 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 518.15 | 646.54 | -19.86 | ||
| Profit (Loss) per Share | -2.56 | -0.52 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The main reason for the company achieving a net loss amounting to SAR 130.142 Million during the current year compared to a net loss amounting to SAR 26.656 Million during the previous year is attributed to the decline in selling prices in the construction sector by 27.22%, which led to a decrease in the value of sales in the sector by a percentage 7.34% despite the increase in the amount of sales in the sector by 27.30%. The consolidated financial statements included the company’s share in the net loss of the subsidiary (Al Yamamah Company For Reinforcing Steel Bars) amounting to SAR 92.278 Million as a result of the sharp decline in the selling prices of reinforcing steel bars. In addition to an increase in financing costs by SAR 42.879 Million, or 164.44% over the previous year, as a result of the increase in interest rates on financing globally. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 year presentation of the financial statements. |
| Additional Information | The balance of accumulated losses amounted to SAR 19.051 Million, equivalent to 3.75% of the company's share capital as of September 30, 2023, as a result of the net loss for the year, and this balance is less than the balance of the statutory reserve amounted SAR 29.198 Million as of the same date, compared to the balance of retained earnings which amounted to 49.344 as of September 30, 2022. |
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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