RIYADH: Saudi Arabia’s Al-Yamamah Steel Industries Co, reported a 20 percent drop in net profit for the first quarter of their financial year starting Sept.1, mainly due to rising costs. Net profit dropped from SR60 to SR45 million ($12 million), the company reported on the Saudi stock exchange. This decline was in part exacerbated by an increase in the cost of raw materials as well as the increase in selling prices of products by 61 percent. Al-Yamamah was established in 2003 with a paid capital of $300 million.