RIYADH: Al Yamamah Steel Industries Co. reported a 58 percent drop in net profit during the nine months ending June 30 in response to higher raw material prices.
The company registered a net profit of SR70 million ($9 million) for the first nine months of its financial year, from a profit of SR167.8 million in the same period a year earlier, according to a bourse filing.
The decrease in net profit was caused due to 53 percent increased raw material costs, 41 percent lower sold quantities in the construction sector, in addition to higher financing costs.
