Molan Steel Co. narrowed net losses to SAR 2.5 million in the first half of 2024, from SAR 3.2 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 43.93 | 39.82 | (9.4 %) |
| Net Income | (3.16) | (2.50) | 21.0 % |
| Average Shares | 26.60 | 26.60 | - |
| EPS (Riyals) | (0.12) | (0.09) | 21.0 % |
The first-half losses decreased as the company allocated zero provisions for inventory and clients, thanks to the better efficiency of the operating cycle.
On the other hand, sales dropped due to a 7.5% decline year-on-year (YoY) in product selling prices, although the drop in sales volumes accounted for just 2%. The sales volumes decreased as the first half of 2024 coincided with the Eid Al-Fitr and Eid Al-Adha holidays.
Total shareholders’ equity, no minority interest, dropped to SAR 27.59 million by June 30, 2024, compared to SAR 31.68 million a year ago.
Accumulated losses reached SAR 3.72 million as of June 30, 2024, representing 14% of the company’s capital.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
20.24 |
1.87 |
0.81 |
|
H2 2021 |
27.91 |
2.30 |
1.00 |
|
H1 2022 |
46.86 |
2.26 |
0.98 |
|
H2 2022 |
37.76 |
(3.02) |
(1.31) |
|
H1 2023 |
43.93 |
(3.16) |
(0.12) |
|
H2 2023 |
45.77 |
(1.63) |
(0.06) |
|
H1 2024 |
39.82 |
(2.49) |
(0.09) |
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