Bena Steel Co. posted SAR 4.8 million in net profit for 2023, down from SAR 7.7 million in the year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 374.11 | 409.08 | 9.3 % |
| Gross Income | 26.50 | 30.23 | 14.1 % |
| Operating Income | 15.70 | 16.69 | 6.3 % |
| Net Income | 7.70 | 4.81 | (37.5 %) |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 1.54 | 0.96 | (37.5 %) |
The annual profit drop was ascribed to the sharp decline and volatility in the selling prices of steel, which led to reduced profit margins for the final product, in addition to the rising global inflation and interest rates.
This came despite the 9% year-on-year (YoY) rise in revenues.
Shareholders' equity (no minority interest) amounted to SAR 80.86 million, compared to SAR 69.64 million a year earlier.
|
Historical Development of Interim Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR/share) |
|
H1 2021 |
140.00 |
13.37 |
2.67 |
|
H2 2021 |
118.21 |
8.25 |
1.65 |
|
H1 2022 |
182.07 |
10.95 |
2.19 |
|
H2 2022 |
192.04 |
(3.25) |
(0.65) |
|
H1 2023 |
216.44 |
5.20 |
1.04 |
|
H2 2023 |
192.64 |
(0.39) |
(0.08) |
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