Molan Steel turns to loss of SAR 761,000 in 2022

22/03/2023 Argaam Exclusive

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Molan Steel reported a net loss of SAR 761,000 in 2022, against a net profit of SAR 4.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	48.15	84.62	75.7 %
Gross Income	7.83	5.32	(32.0 %)
Operating Income	4.47	(0.41)	(109.1 %)
Net Income	4.17	(0.76)	(118.3 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.18	(0.03)	(118.3 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	27.92	37.76	35.3 %
Gross Income	3.37	(0.18)	(105.2 %)
Operating Income	2.13	(3.20)	(250.2 %)
Net Income	2.31	(3.02)	(231.2 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.10	(0.13)	(231.2 %)

Item	H1 2022	H2 2022	Change‬
Revenues	46.86	37.76	(19.4 %)
Gross Income	5.49	(0.18)	(103.2 %)
Operating Income	2.80	(3.20)	(214.5 %)
Net Income	2.26	(3.02)	(233.6 %)
Average Shares	23.00	23.00	-
EPS (Riyals)	0.10	(0.13)	(233.6 %)

This was due to the sharp decline in global steel prices, as well as credit loss provision worth SAR 319.86.

Total shareholders' equity, no minority interest, reached SAR 34.83 million at the end of 2022, compared with SAR 27.30 million a year before.

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