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Al-Yamamah Steel Industries company in Saudi Arabia faces financial challenges in 2023

Al-Yamamah Steel Industries in Saudi Arabia reports a significant increase in losses to 130.1 million riyals in 2023, attributing it to a decline in construction sector prices and a rise in financing costs.

Al-Yamamah Steel Industries company in Saudi Arabia faces financial challenges in 2023

Saudi Arabia's Al-Yamamah Steel Industries Company, a metal product manufacturer for construction, electricity, and communications sectors, reported increased losses to 130.1 million riyals in 2023 compared to 26.7 million riyals in 2022.

The increase was attributed to a decrease in construction sector selling prices (27.22%), resulting in a 7.34% decrease in sales value. The company's share in the net loss of its subsidiary, Al-Yamama Rebar Company, also decreased. Additionally, financing costs increased by 42.879 million riyals due to global interest rates. Shareholders' equity reached 518.2 million riyals at the end of the period.

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