The profits of the Riyadh Steel Company, which is active in the steel industry and the sale of scrap, rose to 11.1 million riyals by the end of 2023, compared to 5.1 million riyals achieved during the same period in 2022. Summary of financial results (million)
Item | 2022 | 2023 | Change |
|---|---|---|---|
Revenues | 156.10 | 134.20 | (14.0 %) |
Total income | 16.31 | 22.06 | 35.2 % |
Operating income | 6.48 | 11.15 | 72.2 % |
Net income | 5.09 | 11.14 | 118.8 % |
The reason for the increase in profits during the current period compared to the same period of the previous year is due to: - Decrease in cost of revenues. - An increase in other revenues compared to the previous year. This came despite: a decrease in revenues due to a decrease in the selling prices of the finished product, a decrease in the quantities sold compared to the previous year.