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00:00Of course, thank God, the company has transformed in a very positive way to profitability.
00:09Of course, this quarter, the first quarter of 2024, is considered the second quarter of the year for the company.
00:16We, thank God, have transformed from the first quarter of the financial year for the company, which is the last quarter in 2023.
00:23We, thank God, have transformed to profitability.
00:26In the first quarter, we achieved a profit of 29.5 million.
00:30In this quarter, we achieved a profit of 30.5 million.
00:35In general, in the first six months of the company, the first half, we achieved a profit of about 60 million.
00:45In contrast to the loss in the equivalent period of the previous year, which was about 60 million.
00:52Thank God, we have an increase in sales from the equivalent period of the previous year by about 32%.
00:59We also achieved a profit of 60 million in contrast to the loss in the previous year of about 60 million.
01:06Speaking of sales, Mr. Seheil, in detail, what is the size and value of the sales in general?
01:11Also, how did it spread to the different sectors of the company?
01:15We are talking about the electricity sector, renewable energy, and construction.
01:19How did it contribute to enhancing your revenues?
01:22Of course, the sales volume for the first six months of the financial year for the company, which is the last quarter of 2023 and the first quarter of 2024,
01:33reached 1,127,000,000.
01:36In contrast to the equivalent period of the previous year, 884,000,000.
01:44We have an increase of about 32%.
01:47Of course, 45% of the sales are distributed to the construction sector, 26% to the electricity sector, and 29% to the renewable energy sector.
02:02Mr. Seheil, the company was previously affected by a decrease in sales prices.
02:06How do you see these prices today? Are you satisfied with the situation?
02:11Yes, in the previous year, the company was affected by sales prices due to the limited size of the market.
02:21This year, thank God, the size of the market has improved significantly.
02:27The cost of storage has been reduced.
02:30We have gained opportunities to buy raw materials, so the cost of storage has been reduced.
02:34In addition, sales have improved in the renewable energy sector.
02:39This is what made the difference this year, and God willing, we will continue to do so.
02:44How large are the contracts with the company today?
02:47What is the target for the end of the financial year 2024?
02:51How large could it be?
02:54The current contract size is about 560 million.
03:02The company is still participating in many tenders and many projects.
03:08We expect that by the end of the year we will have more contracts, God willing.
03:12As for your new projects, what are the most prominent projects and expansions in the local market?
03:19You told us a lot about the wind energy project.
03:22Where did this project reach and what is its estimated value?
03:28The company announced at the beginning of April that it began commercial operations to expand its production plant in Jeddah.
03:41Thank God, this supported us greatly in the sale of renewable energy.
03:46The wind energy project will be launched in the last months.
03:51God willing, we will launch the project before the end of the third quarter of this year.
03:59How large is this project before launch?
04:02The size of the project is about 240 million.
04:06As for the company's loans, how large is the company's loan?
04:12How much has been compensated for?
04:14We recently learned about the increase in financing costs and the increase in interest rates.
04:19How do you deal with this challenge?
04:21The company only has two types of loans, which are short-term loans that are taken to finance the employee's capital.
04:32We only have one long-term loan from the Industrial Development Fund for the wind energy project.
04:39As you can see, the sales have increased by 32%.
04:44This has also led to a slight increase in the amount of loans, to about 870 million.
04:52But this is also equivalent to a 32% increase in the amount of sales.
04:59Thank God, the company's collection is excellent.
05:04God willing, we will continue to monitor the loans.
05:07Of course, there is an impact, but the company takes all necessary precautions so that the loans do not affect the profits.
05:16Mr. Seheil, how large is your warehouse of reinforced steel?
05:20What is your plan to strengthen this warehouse in the face of multiple challenges?
05:26Of course, the company's warehouse of reinforced steel in all sectors is now 740 million,
05:34734 million exactly, at the level of the entire company,
05:38in terms of the steel of the construction sector and other sectors.
05:42Of course, we monitor the warehouse with caution and we monitor the global markets with caution
05:49so that the purchase is at the right time in terms of prices and also in terms of the coverage of existing projects.
05:57How large is your share in the Saudi market today and how large is the market coverage?
06:03Do you perhaps aim to export to neighboring markets?
06:07Of course, we have many sectors that we work in, but let's talk about the renewable energy sector, solar.
06:15Thank God, our market share has increased to about 60-65% of the market size.
06:21As for exporting, we are currently focusing on the Saudi market.
06:26We see that there is a lot of growth and opportunities in the Saudi market, so we are currently focusing on the local market.
06:34We thank you, Mr. Seheil Athbeti.
06:36You are the CEO of Al Yamama for steel industries.