Al Yamamah Steel profit drops 85% to SAR 4.6M in Q1 2024/25

Al Yamamah Steel profit drops 85% to SAR 4.6M in Q1 2024/25

09/02/2025 Argaam Exclusive

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Al Yamamah Steel Industries Co. reported a net profit of SAR 4.6 million for the first quarter ended Dec. 31, 2024, a decrease of 85% year-on-year from SAR 29.5 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 630.72 484.44 (23.2 %)
Gross Income 72.93 39.15 (46.3 %)
Operating Income 49.12 18.69 (61.9 %)
Net Income 29.55 4.59 (84.5 %)
Average Shares 50.80 50.80 -
Earnings Per Share before unusual items 0.58 0.09 (84.5 %)
EPS (Riyals) 0.58 0.09 (84.5 %)

The company attributed the profit decline year-on-year to a drop in sales by 23.19%, or SAR 146.27 million, as well as a fall of 6.26% in product selling prices in the construction segment.

 

The first-quarter net earnings rose 7.7% from SAR 4.26 million compared with the previous quarter, driven mainly by higher sales and product selling prices.   

 

Shareholders’ equity, excluding minority interest, stood at SAR 593.67 million as of Dec. 31, 2024, compared to SAR 547.69 million a year earlier.



Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2016 34.82 (21.0 %) 0.69 - 34.82 0.69
Q2 2016 55.66 33.8 % 1.10 - 55.66 1.10
Q3 2016 67.88 24.6 % 1.34 (12.31) 80.19 1.58
Q4 2016 20.04 8.1 % 0.39 - 20.04 0.39
Q1 2017 28.99 (16.7 %) 0.57 - 28.99 0.57
Q2 2017 48.15 (13.5 %) 0.95 - 48.15 0.95
Q3 2017 17.21 (74.6 %) 0.34 - 17.21 0.34
Q4 2017 18.91 (5.6 %) 0.37 - 18.91 0.37
Q1 2018 6.73 (76.8 %) 0.13 - 6.73 0.13
Q2 2018 4.29 (91.1 %) 0.08 - 4.29 0.08
Q3 2018 (5.61) (132.6 %) (0.11) - (5.61) (0.11)
Q4 2018 (26.94) (242.4 %) (0.53) - (26.94) (0.53)
Q1 2019 (30.18) (548.6 %) (0.59) - (30.18) (0.59)
Q2 2019 10.97 155.7 % 0.22 14.15 (3.18) (0.06)
Q3 2019 (2.00) 64.4 % (0.04) - (2.00) (0.04)
Q4 2019 (18.67) 30.7 % (0.37) - (18.67) (0.37)
Q1 2020 (7.58) 74.9 % (0.15) - (7.58) (0.15)
Q2 2020 32.06 192.2 % 0.63 - 32.06 0.63
Q3 2020 0.93 146.6 % 0.02 - 0.93 0.02
Q4 2020 25.25 235.3 % 0.50 - 25.25 0.50
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 34.01 - 0.67 - 34.01 0.67
Q2 2022 35.16 - 0.69 - 35.16 0.69
Q3 2022 0.55 - 0.01 - 0.55 0.01
Q4 2022 (96.38) - (1.90) (55.93) (40.45) (0.80)
Q1 2023 (41.90) (223.2 %) (0.82) 24.95 (66.85) (1.32)
Q2 2023 (17.89) (150.9 %) (0.35) - (17.89) (0.35)
Q3 2023 (47.37) (8708.0 %) (0.93) (38.72) (8.65) (0.17)
Q4 2023 (22.98) 76.2 % (0.45) 66.87 (89.84) (1.77)
Q1 2024 29.55 170.5 % 0.58 - 29.55 0.58
Q2 2024 30.54 270.7 % 0.60 - 30.54 0.60
Q3 2024 6.45 113.6 % 0.13 - 6.45 0.13
Q4 2024 4.26 118.6 % 0.08 - 4.26 0.08
Q1 2025 4.59 (84.5 %) 0.09 - 4.59 0.09


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 435.46 (13.0 %) 59.61 (16.3 %) 41.69 (25.3 %)
Q2 2016 460.60 (29.2 %) 97.02 32.9 % 70.85 32.6 %
Q3 2016 471.48 (12.8 %) 124.12 34.0 % 101.77 39.8 %
Q4 2016 280.42 (14.5 %) 53.16 16.7 % 31.61 6.4 %
Q1 2017 325.44 (25.3 %) 59.55 (0.1 %) 41.30 (0.9 %)
Q2 2017 371.99 (19.2 %) 80.81 (16.7 %) 61.34 (13.4 %)
Q3 2017 286.42 (39.3 %) 42.20 (66.0 %) 26.22 (74.2 %)
Q4 2017 265.91 (5.2 %) 47.64 (10.4 %) 31.25 (1.1 %)
Q1 2018 252.24 (22.5 %) 23.79 (60.0 %) 8.51 (79.4 %)
Q2 2018 240.72 (35.3 %) 25.13 (68.9 %) 9.94 (83.8 %)
Q3 2018 201.38 (29.7 %) 12.04 (71.5 %) (1.41) (105.4 %)
Q4 2018 185.18 (30.4 %) (5.15) (110.8 %) (22.30) (171.3 %)
Q1 2019 198.79 (21.2 %) (15.82) (166.5 %) (29.52) (447.1 %)
Q2 2019 284.18 18.1 % 21.68 (13.7 %) 6.30 (36.6 %)
Q3 2019 209.84 4.2 % 20.01 66.2 % 5.49 488.3 %
Q4 2019 266.47 43.9 % 7.52 246.0 % (9.67) 56.6 %
Q1 2020 405.39 103.9 % 18.89 219.4 % 0.73 102.5 %
Q2 2020 593.33 108.8 % 76.48 252.8 % 52.20 728.1 %
Q3 2020 394.99 88.2 % 32.45 62.2 % 12.68 130.9 %
Q4 2020 473.71 77.8 % 73.84 882.2 % 48.09 597.4 %
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 464.24 - 66.20 - 45.87 -
Q2 2022 448.31 - 67.47 - 50.55 -
Q3 2022 237.25 - 23.61 - 9.59 -
Q4 2022 315.18 - (23.19) - (31.82) -
Q1 2023 461.85 (0.5 %) (42.90) (164.8 %) (60.86) (232.7 %)
Q2 2023 387.03 (13.7 %) 7.06 (89.5 %) (9.26) (118.3 %)
Q3 2023 265.25 11.8 % 12.51 (47.0 %) (4.54) (147.4 %)
Q4 2023 445.40 41.3 % (58.18) (150.9 %) (72.37) (127.4 %)
Q1 2024 630.72 36.6 % 72.93 270.0 % 49.12 180.7 %
Q2 2024 496.94 28.4 % 68.38 868.2 % 47.77 615.9 %
Q3 2024 425.68 60.5 % 47.56 280.3 % 25.83 668.5 %
Q4 2024 403.25 (9.5 %) 35.02 160.2 % 15.92 122.0 %
Q1 2025 484.44 (23.2 %) 39.15 (46.3 %) 18.69 (61.9 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 13.85 % 12.09 % 7.65 %
Q2 2016 16.71 % 14.44 % 9.27 %
Q3 2016 19.25 % 15.88 % 11.16 %
Q4 2016 20.26 % 17.22 % 11.57 %
Q1 2017 21.71 % 18.41 % 12.02 %
Q2 2017 21.92 % 18.77 % 12.24 %
Q3 2017 18.64 % 16.88 % 9.05 %
Q4 2017 18.42 % 15.90 % 9.06 %
Q1 2018 16.53 % 13.88 % 7.73 %
Q2 2018 13.28 % 11.05 % 4.51 %
Q3 2018 11.31 % 8.90 % 2.53 %
Q4 2018 6.35 % 3.92 % (2.45 %)
Q1 2019 1.96 % (0.18 %) (7.07 %)
Q2 2019 1.47 % (0.94 %) (7.58 %)
Q3 2019 2.36 % (0.09 %) (7.10 %)
Q4 2019 3.48 % 1.23 % (5.63 %)
Q1 2020 5.84 % 3.80 % (2.70 %)
Q2 2020 8.33 % 6.15 % 0.26 %
Q3 2020 8.15 % 5.93 % 0.41 %
Q4 2020 10.80 % 8.53 % 2.71 %
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 21.30 % 18.90 % 12.08 %
Q2 2022 19.32 % 17.29 % 10.61 %
Q3 2022 16.09 % 14.36 % 7.44 %
Q4 2022 9.15 % 8.27 % 2.00 %
Q1 2023 1.71 % 1.06 % (4.89 %)
Q2 2023 (2.53 %) (3.11 %) (8.89 %)
Q3 2023 (3.25 %) (4.02 %) (9.36 %)
Q4 2023 (5.23 %) (6.29 %) (11.75 %)
Q1 2024 1.99 % 0.66 % (5.02 %)
Q2 2024 5.20 % 3.71 % (2.09 %)
Q3 2024 6.54 % 4.93 % (1.17 %)
Q4 2024 11.44 % 9.54 % 3.62 %
Q1 2025 10.50 % 8.63 % 2.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 50.80 2.94 2.94 11.79
Q2 2016 50.80 3.22 3.22 12.89
Q3 2016 50.80 3.48 3.72 13.07
Q4 2016 50.80 3.51 3.75 13.46
Q1 2017 50.80 3.40 3.64 12.72
Q2 2017 50.80 3.25 3.49 13.65
Q3 2017 50.80 2.25 2.25 13.03
Q4 2017 50.80 2.23 2.23 13.24
Q1 2018 50.80 1.79 1.79 13.37
Q2 2018 50.80 0.93 0.93 12.95
Q3 2018 50.80 0.48 0.48 12.84
Q4 2018 50.80 (0.42) (0.42) 12.46
Q1 2019 50.80 (1.15) (1.15) 11.87
Q2 2019 50.80 (1.02) (1.30) 12.08
Q3 2019 50.80 (0.95) (1.23) 12.04
Q4 2019 50.80 (0.78) (1.06) 11.66
Q1 2020 50.80 (0.34) (0.62) 11.51
Q2 2020 50.80 0.08 0.08 12.14
Q3 2020 50.80 0.13 0.13 12.16
Q4 2020 50.80 1.00 1.00 12.65
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 50.80 3.92 3.92 14.70
Q2 2022 50.80 3.43 3.43 15.39
Q3 2022 50.80 2.16 2.16 14.65
Q4 2022 50.80 (0.52) 0.58 12.73
Q1 2023 50.80 (2.02) (1.41) 11.90
Q2 2023 50.80 (3.06) (2.45) 11.55
Q3 2023 50.80 (4.01) (2.63) 10.62
Q4 2023 50.80 (2.56) (3.61) 10.20
Q1 2024 50.80 (1.16) (1.71) 10.78
Q2 2024 50.80 (0.20) (0.76) 11.38
Q3 2024 50.80 0.86 (0.46) 11.51
Q4 2024 50.80 1.39 1.39 11.60
Q1 2025 50.80 0.90 0.90 11.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2016 - - -
Q2 2016 10.77 10.77 2.69
Q3 2016 6.67 6.24 1.78
Q4 2016 8.29 7.75 2.16
Q1 2017 8.33 7.78 2.23
Q2 2017 8.16 7.60 1.94
Q3 2017 11.06 11.06 1.91
Q4 2017 11.17 11.17 1.88
Q1 2018 12.39 12.39 1.66
Q2 2018 20.67 20.67 1.48
Q3 2018 34.83 34.83 1.30
Q4 2018 NEG NEG 1.17
Q1 2019 NEG NEG 1.61
Q2 2019 NEG NEG 1.42
Q3 2019 NEG NEG 1.44
Q4 2019 NEG NEG 1.62
Q1 2020 NEG NEG 1.34
Q2 2020 More than 100 More than 100 1.44
Q3 2020 More than 100 More than 100 1.93
Q4 2020 29.73 29.73 2.34
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 10.83 10.83 2.89
Q2 2022 9.54 9.54 2.13
Q3 2022 13.37 13.37 1.97
Q4 2022 NEG 38.87 1.76
Q1 2023 NEG NEG 1.87
Q2 2023 NEG NEG 2.41
Q3 2023 NEG NEG 2.39
Q4 2023 NEG NEG 2.43
Q1 2024 NEG NEG 3.81
Q2 2024 NEG NEG 3.16
Q3 2024 41.98 NEG 3.13
Q4 2024 24.00 24.00 2.88
Q1 2025 40.50 40.50 3.13

Business Segments (Million)

Compared With The
Period Construction sector Electricity sector Renewable Energy Sector Pipelines factory Electric poles factory Frames factory Electric power towers factory Al Yamamah for reinforcing steel bars
Q1 2016 - - - 103.42 51.43 3.50 54.36 222.75
Q2 2016 - - - 99.83 47.47 1.79 47.78 263.74
Q3 2016 391.22 80.36 - - - - - -
Q4 2016 238.23 42.18 - - - - - -
Q1 2017 278.88 46.55 - - - - - -
Q2 2017 304.43 67.56 - - - - - -
Q3 2017 245.49 40.93 - - - - - -
Q4 2017 236.12 29.79 - - - - - -
Q1 2018 211.85 40.40 - - - - - -
Q2 2018 209.10 31.62 - - - - - -
Q3 2018 175.20 26.18 - - - - - -
Q4 2018 153.20 31.99 - - - - - -
Q1 2019 172.07 26.71 - - - - - -
Q2 2019 225.52 58.66 - - - - - -
Q3 2019 157.14 52.70 - - - - - -
Q4 2019 227.02 39.45 - - - - - -
Q1 2020 331.96 73.43 - - - - - -
Q2 2020 498.51 94.82 - - - - - -
Q3 2020 325.03 69.96 - - - - - -
Q4 2020 370.31 103.40 - - - - - -
Q1 2021 323.82 111.04 - - - - - -
Q2 2021 350.03 102.99 - - - - - -
Q3 2021 336.55 68.95 - - - - - -
Q4 2021 227.54 98.09 - - - - - -
Q1 2022 334.09 130.15 - - - - - -
Q2 2022 349.24 99.07 - - - - - -
Q3 2022 130.39 106.86 - - - - - -
Q4 2022 181.28 133.89 - - - - - -
Q1 2023 302.11 137.48 22.25 - - - - -
Q2 2023 235.52 138.69 12.82 - - - - -
Q3 2023 109.67 139.88 15.70 - - - - -
Q4 2023 274.63 100.90 69.88 - - - - -
Q1 2024 286.09 153.83 190.79 - - - - -
Q2 2024 222.97 134.81 139.17 - - - - -
Q3 2024 206.14 119.49 100.06 - - - - -
Q4 2024 224.44 121.67 57.14 - - - - -
Q1 2025 287.59 146.76 50.09 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 1,836.42
Enterprise Value (EV) (M) 2,752.74
Shares Outstanding ((M)) 50.80
EPS ( Riyal) (TTM) 0.90
Book Value (BV) ( Riyal) 11.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 40.06
P/E (TTM) 40.06
Price/book 3.09
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.8
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Share Price

Al Yamamah Steel Industries Co.
36.15
(0.40) (1.09 %)

Al Yamamah Steel Industries Co. (ALYAMAMAH STEEL)

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