Riyadh – Mubasher: Riyadh Steel Company has approved the resignation of Ahmed bin Abdulkarim Al Nafea from his position as its CEO, which will be effective on 31 December 2024.
The board members decided, on 3 December, to appoint Abdullah Radhwan Ali as the Acting CEO, according to a bourse disclosure.
Ali holds a bachelor's degree in Engineering Management in Manufacturing and Production from Prince Sultan University. He has more than seven years of professional experience across various industrial sectors.
The new official began his career in supply chain management and worked in the management of development as well as strategic projects.
As of 30 June 2024, Riyadh Steel recorded SAR 2.53 million in net profits, up 0.46% year-on-year (YoY) from SAR 2.52 million.
The revenues jumped by 26.34% to SAR 70.65 million in the first half (H1) of 2024 from SAR 55.91 million in H1-23, while the earnings per share (EPS) maintained its value at SAR 0.36.
