Riyadh Steel Company, which operates in the steel industry and scrap metal sales, reported a 82% decrease in profits to SAR 2 million by the end of 2024, compared to SAR 11.1 million achieved during the same period in 2023. Summary of financial results (million)
Item | 2023 | 2024 | Change |
|---|---|---|---|
Revenue | 134.20 | 162.57 | 21.1 % |
Gross Income | 22.06 | 16.35 | (25.9 %) |
Operating Income | 11.39 | 4.07 | (64.2 %) |
Net Income | 11.14 | 2.00 | (82.1 %) |
The company stated that the reason for the decrease in profits during the current period compared to the same period last year is due to: - Lower selling prices. - Lower other revenues. - Higher expenses compared to the previous year. This was offset by: An increase in revenues due to higher sales volume compared to the previous year.