Molan Steel deepens 2023 loss to SAR 4.8M

26/03/2024 Argaam Exclusive

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Molan Steel Co. widened net losses to SAR 4.8 million in 2023, compared to SAR 761,300 a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	84.62	89.70	6.0 %
Gross Income	5.32	4.14	(22.2 %)
Operating Income	(0.41)	(3.39)	(734.8 %)
Net Income	(0.76)	(4.79)	(528.8 %)
Average Shares	23.00	26.60	15.7 %
EPS (Riyals)	(0.03)	(0.18)	(443.7 %)

Losses widened due to a 25% decline year-on-year (YoY) in selling prices and a 90.56% increase YoY in the cost of financing.

Molan’s higher revenue YoY was attributed to a new branch opening in the Eastern Province and increased sales volumes in Riyadh and Jeddah branches.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	37.76	45.76	21.2 %
Gross Income	(0.18)	2.29	1405.7 %
Operating Income	(3.20)	(0.88)	72.6 %
Net Income	(3.02)	(1.63)	46.2 %
Average Shares	23.00	26.60	15.7 %
EPS (Riyals)	(0.13)	(0.06)	53.5 %

Item	H1 2023	H2 2023	Change‬
Revenues	43.93	45.76	4.2 %
Gross Income	1.86	2.29	23.2 %
Operating Income	(2.51)	(0.88)	65.0 %
Net Income	(3.16)	(1.63)	48.5 %
Average Shares	26.60	26.60	-
EPS (Riyals)	(0.12)	(0.06)	48.5 %

Total shareholders’ equity, no minority interest, stood at SAR 30.08 million by Dec. 31, 2023, compared to SAR 34.8 million a year ago.

Accumulated losses reached SAR 1.79 million by Dec. 31, 2023, representing 6.72% of capital.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2021	20.24	1.87	0.08
H2 2021	27.91	2.30	0.10
H1 2022	46.86	2.26	0.09
H2 2022	37.76	(3.02)	(0.11)
H1 2023	43.93	(3.16)	(0.12)
H2 2023	45.77	(1.63)	(0.06)

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