In the first half of 2023, Bena Steel Industries in the Saudi Arabia, witnessed a decline in profits, with earnings dropping to 5.2 million riyals.This is a drop from the 11 million riyals profit during the same period in the previous year. This downturn highlights challenges the company might be facing in the current economic landscape.
The decline in profits this year compared to the same period last year can be attributed to a decrease in gross profit, primarily caused by the significant global drop in steel prices.
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