Latest news with #AlYamamahSteel
Argaam
2 days ago
- Business
- Argaam
Al Yamamah Steel's wind power plant fulfils 46% of market demand: CEO
Sahal Al-Thobaiti, CEO of Al Yamamah Steel Industries Co., said that the annual production capacity of the company's wind power systems factory is estimated at around 50,000 tons of steel towers, equivalent to around 1 gigawatt (GW) of production capacity. This represents nearly 46% of the total wind energy projects expected to be launched in the market in the near future. In an interview with Argaam, Al-Thobaiti said that the total investment in the plant amounts to SAR 240 million. Of this, 70% or SAR 170 million, was secured through a loan from the Saudi Industrial Development Fund, while the remainder came from the company's own resources. The factory is a strategic step aimed to support the Kingdom's move toward renewable energy and is considered the first of its kind in Saudi Arabia and the GCC region, specializing in the manufacture of wind steel towers, in line with the goals of Saudi Vision 2030 to localize industries, the CEO said. Al-Thobaiti also pointed out that the plant serves as a nucleus for localizing the wind power industry, expecting demand to grow moving forward. The Kingdom aims to implement wind energy projects with a capacity of 16 GW by 2030, while the projects currently implemented do not exceed 400 megawatts (MW). On the financial front, the CEO said that the renewable energy sector — specifically wind and solar energy — is likely to contribute between 26% and 30% of Al Yamamah Steel's total revenues in the coming years, adding that this will help diversify income sources and boost annual revenue growth. Al-Thobaiti said the company's total loans stood at around SAR 835 million as of the end of March 2025. He added that the increase in loans was due to the scale of ongoing projects and the need to finance raw materials, expecting short-term loans to decline to SAR 750-780 million by the end of this fiscal year. Al Yamamah Steel's board of directors approved, on Feb. 8, 2021, to begin construction of Al Yamamah Wind Power Systems plant at the cost of SAR 293 million, data compiled by Argaam showed. The company announced, on July 16, the completion of construction work and trial operations at the wind power plant in Yanbu Industrial City. Commercial operations are scheduled to commence on Aug. 1, 2025.
Zawya
4 days ago
- Business
- Zawya
Al Yamamah Steel awards steel wind towers supply contract to Chinese company
Al Yamamah Steel Industries Co. has signed two contracts with China's SEPCOIII Electric Power Construction Co. for supplying steel wind towers for two projects. The combined value of the contracts is 68.66 million Saudi riyals ($18.31 million), the company said in two separate statements to the Saudi stock exchange. The first contract includes supplying steel wind towers to Al Ghat Wind Farm valued at SAR 35.70, while the second contract is for providing steel wind towers to Waad Al Shamal Farm for SAR 32.96 million. Both contracts have a six-month duration, starting in August. The financial impact is expected to be reflected in the company's financial statements in third quarter of 2025, the statement said. (Editing by Anoop Menon) (
Zawya
02-06-2025
- Business
- Zawya
Saudi: Al Yamamah Steel rolls out deal exceeding $44.66mln in value
Riyadh – Al Yamamah Steel Industries Company inked a SAR 167.64 million deal with Trading & Development Partnership Company on 29 May 2025, according to a bourse disclosure. Under the one-year agreement, the two parties will join forces to supply steel towers for a 380 kilovolt ultra-high voltage line for the Western Region. Al Yamamah Steel highlighted that the project, starting in August, will start affecting its financial results during the fourth quarter (Q4) of 2025. Last February, the Tadawul-listed firm and a Branch of Hyundai Engineering and Construction Company Limited penned a SAR 174.91 million deal. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Arab News
01-06-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 10,825
RIYADH: Saudi Arabia's Tadawul All Share Index dipped on Sunday, losing 165.14 points, or 1.50 percent, to close at 10,825.27. The total trading turnover of the benchmark index was SR4.27 billion ($1.13 billion), as 31 of the listed stocks advanced, while 215 retreated. The MSCI Tadawul Index decreased by 21.69 points, or 1.55 percent, to close at 1,382.11. The Kingdom's parallel market Nomu dipped, losing 140.52 points, or 0.52 percent, to close at 26,669.23. This comes as 20 of the listed stocks advanced while 61 retreated. The best-performing stock was Emaar The Economic City, with its share price surging 3.91 percent to SR13.28. Other top performers included Sinad Holding Co., which saw its share price rise by 2.56 percent to SR10.42, and Alkhaleej Training and Education Co., which saw a 2.22 percent increase to SR25.35. The shares of Al Yamamah Steel Industries Co. and Morabaha Marina Financing Co. also rose by 2.19 percent and 1.85 percent to SR30.30 and SR11, respectively. On the downside, United Carton Industries Co. was the day's weakest performer, with its share price declining 9.31 percent to SR40.90. Raydan Food Co. and Makkah Construction and Development Co. also saw declines, with their shares dropping by 8.04 percent and 7.02 percent to SR13.50 and SR90, respectively. Moreover, the shares of Gulf Insurance Group and Saudi Fisheries Co. dipped by 6.54 percent and 5.94 percent to SR24.02 and SR95, respectively. On the parallel market, Digital Research Co. led the gains, with its share price rising 13.02 percent to SR59.90. Future Care Trading Co. and Saudi Parts Center Co. also saw a positive change, with their shares increasing by 9.32 percent and 7.14 percent to SR3.52 and SR45, respectively. Conversely, Amwaj International Co. was the weakest performer on Nomu, with its share price falling 9.78 percent to close at SR36.90. Fad International Co. and Dar Almarkabah for Renting Cars Co. followed with decreases of 9.42 percent and 9.26 percent to SR76 and SR2.45, respectively.
Argaam
29-05-2025
- Business
- Argaam
Al Yamamah Steel inks SAR 167.6M contract for tower supply
Al Yamamah Steel Industries Co. signed today, May 29, a contract with Trading & Development Partnership Co. for supplying steel towers, at a value of SAR 167.64 million. In a statement to Tadawul, the company indicated that the steel towers will be used to establish a 380 kV ultra-high voltage line for the Western Region. The contract term is one year, said the company, adding that the supplying to the project will start in August, 2025. The related financial impact is expected to begin reflecting on the company's financial statements in Q4 2025. There are no related parties to the deal.
