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Al Yamamah Steel Industries Co. announces its Interim Financial Results for the Period Ending on 2020-12-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 434.87405.397.272473.71-8.199
Gross Profit (Loss) 79.2418.89319.48173.847.313
Operational Profit (Loss) 60.740.986,097.95945.7432.794
Net Profit (Loss) after Zakat and Tax 42.67-7.58-25.2568.99
Total Comprehensive Income 42.67-7.58-25.2568.99
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 685.18584.6717.19
Profit (Loss) per Share 0.84-0.15
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
05080
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 achievement of net profit during the current quarter amounted SAR 42.67 Million compared to a net loss amounted SAR 7.58 Million in the similar quarter of the previous year is attributed to the increase in sales / revenues by 7.27% due to the increase of the selling prices of the products in the construction sector by 13%, also the decrease of cost of raw materials in the construction sector by 6% and due to the decrease of cost of raw materials in the electricity sector by 8.1%, in addition to the decrease of financial charges by SAR 3.44 Million and a rate of 48.48% due to the decrease of the loans balances and the interest rates. The achievement of net profit during the current quarter was obtained despite the fact that Zakat expense has increased by SAR 3.19 Million and arate of 146.47% due to recording some Zakat differences for some previous years which the modified Zakat assessments have been received in the current quarter.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the increase in net profit during the current quarter by SAR 17.42 Million is attributed to the increase of the selling prices in the construction and electricity sectors by 6% and 5%, respectively, also the decrease of the cost of raw materials in the construction and electricity sectors by 14% and 5%, respectively and the decrease of selling and marketing expenses by SAR 5.999 Million and a rate of 43.55% as a result of the decrease in the shipping expenses due to the decrease in the sold quantities. The net profit has increased during the current quarter despite the fact of the decrease in sales / revenues by SAR 38.84 and a rate of 8.20% compared to the previous quarter which witnessed a significant increase in demand for the products of the company as a result of the end of the curfew caused by the spread of the new Corona virus (COVID-19) in the Kingdom of Saudi Arabia.
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 No
Additional Information Al Yamamah Steel Industries Co. has adopted IFRS 16 - Lease Contracts - on October 1, 2019. The impact of adopting IFRS 16 has been explained in note (6) to the Interim Condensed Consolidated Financial Statements For the Period Ended December 31, 2020 (Three Months).

The Capital Market Authority and the Saudi Stock 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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