Riyadh Steel reports sharp profit decline in 2024

Riyadh Steel, a Saudi Arabian long steel producer, reported an 82pct YoY drop in net profit for 2024, according to its stock exchange filing.

The company's net profit fell to SAR 1.99 mln (USD 0.53 mln) in 2024, down from SAR 11.1 mln the previous year. The decline was mainly due to lower selling prices, a reduction in other income, and higher expenses, the company stated.

Despite the profit drop, Riyadh Steel's revenue grew by 21.14pct YoY to SAR 162.5 mln (USD 43.2 mln), driven by an increase in sales volume compared to the previous year.

Riyadh Steel has a total annual capacity of 220,000 tons of sheared scrap, 105,000 tons of billets, and 90,000 tons of angle and flat bars.

1 USD / 3.75 SAR