29
Mar
09:39
Despite falling revenue, Riyadh Steel doubles annual profit
Riyadh Steel (RS) has more than doubled its profit for 2023 despite a decline in revenue.
The firm's net profit jumped 118.8% year-on-year to SAR 11.14 million ($2.97 million) from SAR 6.47m a year earlier, while its revenue fell 14% to SAR 134.2m from SAR 156.1m in 2022.
According to a stock exchange filing seen by Kallanish, the company attributes the jump in profits to a reduction in cost of sales and an increase in other income. The decline in revenue was…
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Anonymous
Very good overview of the weekly steel market.
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