Riyadh Steel's net profit rises marginally in H1 2024

Saudi Arabian long steel producer Riyadh Steel reported a slight increase in net profit for the first half of 2024. The company's net profit rose by 0.5pct YoY to SAR 2.53 mln (USD 0.67 mln), according to a recent stock exchange filing.

Revenue for H1 2024 grew by 26.3pct YoY to SAR 70.6 mln (USD 18.8 mln), driven by an increase in the quantity of goods sold, which offset a decline in the average selling price.

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