Hadeed recorded growth in Q3

Hadeed, Saudi Arabia's leading steel producer, boasts an impressive annual production capacity of 3.8 million tonnes for long products and 2 million tonnes for flats, alongside a substantial 5.5 million tonnes of direct reduced iron distributed across its five DRI modules.

In a recent financial report, Hadeed unveiled an remarkable 18% year-on-year surge in third-quarter revenue, reaching SAR 3.55 billion (equivalent to $946 million). Their EBITDA also experienced substantial growth, soaring by 32.4% to SAR 310 million, and the company achieved a noteworthy income from operations of SAR 10 million, marking a stark contrast to the previous year's loss of SAR 40 million.

Nevertheless, the third quarter bore some challenges for Hadeed, with revenue contracting by 13% compared to the previous quarter. EBITDA and operating income saw significant declines of 52% and 98%, respectively. This downturn was accompanied by a 9% reduction in average sales prices and a 4% dip in sales volume, contributing to the overall decline in financial performance.