In a resounding testament to Saudi Arabia's economic prowess, Yamamah Steel, a leading player in the steel manufacturing sector, has reported a staggering profit of 29.5 million riyals at the close of the first quarter ending December 2023. This remarkable achievement not only underscores the resilience of the Saudi economy but also highlights Yamamah Steel's pivotal role in driving growth and prosperity.
Al Yamamah Steel Industries Company, a manufacturer in the construction, electricity, and communications sectors, reported profits of 29.5 million riyals for the first quarter ending in December 2023, compared to losses of 41.9 million riyals in 2022. The company's success can be attributed to increased sales in the electricity sector, significant price hikes in the renewable energy sector, and significant reductions in the cost of sales in both sectors.
Marked increases in both quantity and value of sales within the electricity sector, rising by 15.13% and 11.89% respectively.
Astonishing growth in the renewable energy sector, with sales quantity and value skyrocketing by 564.22% and 757.37% respectively.
Substantial price hikes in product sales within the renewable energy sector, soaring by 29.08%.
Encouraging upticks in sales volume within the construction sector, rising by 3.09%. Significant reductions in the cost of sales in both the construction and electricity sectors, dropping by 26.92% and 16.44% respectively.
However, financing costs surged by 2,707 million riyals due to high global interest rates. The company's success is attributed to its resilience, strategic planning, and adaptability in navigating volatile market conditions.
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