Al Yamamah Saudi Steel Industries Company announced a loss of 7.6 million Saudi riyals ($ 2 million) during the first quarter ended December 31, 2019, a decline of 74.88 percent, compared to the first quarter ended December 31, 2018, according to the company statement published today On the Saudi Stock Exchange website.
The company recorded losses of 30.2 million riyals ($ 8.1 million) during the first quarter ended December 31, 2018, according to the statement.
Company background
Founded in 1989 and engaged in the production and sale of various iron products. The company has a number of factories in the Kingdom, according to its file on the stock exchange website.
the details
The company’s revenue jumped 103.94 percent to 405.4 million Saudi riyals ($ 108.1 million), according to the statement.
The decrease in losses is due to the increase in revenues due to the increase in the quantity and value of sales, according to the statement.
(Note: the company’s overall profits were used due to the lack of profits for the shareholders)
(Prepared by: Muhammad Al-Hayek. Muhammad previously worked in several institutions, including the Kuwaiti newspaper Al-Rai and the Lebanese satellite news channel Al-Mustaqbal)
(Edited by: Yasmine Saleh, for communication: [email protected])
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