GSW makes SAR 49 mln profit in six months to Sep 30

Gulf Steel Works (GSW), to be listed in the Saudi Nomu parallel market, recorded SAR 49.1 million in net profit, down 4 percent year-on-year (YoY) in the six-month period ending September 30, 2017, data compiled by Argaam showed.

Income Statement - H1 ended Sept. 2017 (SAR mln)
Period	Sept. 2016	Sept. 2017	Variation
Revenue	412.0	370.3	(10%)
Gross profit margin	20.5 %	22.9 %	+2.4%
Net Profit	51.0	49.1	(4%)
Net Profit margin %	12.4%	13.3%	+0.9%

Revenue for the period fell 10 percent YoY to SAR 370.3 million. Meanwhile, gross profit margins increased by 2.4 percent YoY to 22.9 in the same period, driven by lower costs as a percentage of revenue from ongoing projects. Net profit margins also rose from 12.4 percent in Sep. 2016 to 13.3 percent in Sep. 2017.

Balance Sheet (SAR mln)
Period	Sept. 2016	Sept. 2017	Variation
Cash & cash equivalent	20.4	8.1	(60%)
Current assets	778.3	789.5	+1%
Non-current assets	222.8	245.5	+10%
Total assets	1,001.1	1,035.0	+3%
Short-term loans	320.5	328.1	+2%
Current liabilities	692.5	624.9	(10%)
Long-term loans	3.9	0.0	--
Non-current liabilities	20.6	17.4	(16%)
Total liabilities	713.1	642.3	(10%)
Capital	50	200	+300%
Shareholders’ equity	288.0	392.7	+36%

Net operating cash flows surged 356 percent to SAR 88 million, due to settling of projects’ dues.

Cash Flow Statement (SAR mln)
Period	Sept. 2016	Sept. 2017	Variation
Operating activities	(34.4)	87.9	+356%
Investment activities	(12.4)	(21.2)	(71%)
Financing activities	65.6	(63.4)	(197%)
Net cash balances at period-end	20.4	8.1	(60%)

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