Bena Steel posts 64% drop in 2022 profit to SAR 7.7 mln

30/03/2023 Argaam Exclusive

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Bena Steel Industries Co.
47.00
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Bena Steel Industries Co. (BENA)

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Bena Steel Industries Co.’s net profit fell 64% to SAR 7.7 million in 2022, compared to SAR 21.6 million a year before.



Financials (M)

Item 2021 2022 Change‬
Revenues 258.21 374.11 44.9 %
Gross Income 39.14 26.50 (32.3 %)
Operating Income 26.56 15.70 (40.9 %)
Net Income 21.62 7.70 (64.4 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 4.32 1.54 (64.4 %)

The profit decline was due to lower gross profit on a sharp drop in global steel prices. 



Total shareholders’ equity, excluding minority interest, reached SAR 69.64 million by the end of 2022, compared with SAR 67.88 million a year earlier.

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