09
Feb
10:30
Al Yamamah grows sales but costs erode profit
Saudi Arabia’s Al Yamamah Steel reported 6.7% on-year growth in revenue in its first fiscal quarter through December to SAR 464.2 million ($123.8m). However, net profit declined 20.2% to SAR 34m.
Profit dropped due to the increase in raw materials cost by 69.6% in the construction and 13.7% in the electricity sector. Average selling price rose by 60.5% in the construction and 11.4% in the electricity sector, but this growth was below the cost increase, meani…
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Anonymous
Very good overview of the weekly steel market.
Anonymous