Molan Steel incurs SAR 3.2 mln loss in H1 2023

04/09/2023 Argaam Exclusive

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Molan Steel swung to a net loss of SAR 3.2 million in the first half of 2023, against a net profit of SAR 2.3 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	46.86	43.93	(6.2 %)
Gross Income	5.49	1.86	(66.2 %)
Operating Income	2.80	(2.51)	(189.8 %)
Net Income	2.26	(3.16)	(239.6 %)
Average Shares	23.00	26.60	15.7 %
EPS (Riyals)	0.10	(0.12)	(220.7 %)

The company was hurt by the sharp decline in global iron prices, which pushed the average selling prices lower and weighed on profit margins.

Molan reported an increase in the fixed selling costs resulting from the company’s continuous expansions, higher finance costs as well as inventory and credit loss provisions of $1.2 million.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	46.86	43.93	(6.2 %)
Gross Income	5.49	1.86	(66.2 %)
Operating Income	2.80	(2.51)	(189.8 %)
Net Income	2.26	(3.16)	(239.6 %)
Average Shares	23.00	26.60	15.7 %
EPS (Riyals)	0.10	(0.12)	(220.7 %)

Item	H2 2022	H1 2023	Change‬
Revenues	37.76	43.93	16.3 %
Gross Income	(0.18)	1.86	1160.0 %
Operating Income	(3.20)	(2.51)	21.6 %
Net Income	(3.02)	(3.16)	(4.5 %)
Average Shares	23.00	26.60	15.7 %
EPS (Riyals)	(0.13)	(0.12)	9.7 %

Accumulated losses amounted to SAR 191,808, accounting for 0.72% of the capital, as of June 30, 2023.

Shareholders’ equity, no minority interest, rose to SAR 31.67 million as of June 30, 2023, from SAR 29.57 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	20.24	1.87	0.08
H1 2022	27.91	2.30	0.10
H1 2022	46.86	2.26	0.10
H2 2022	37.76	(3.02)	(0.13)
H1 2023	43.93	(3.16)	(0.12)

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