Molan Steel cuts H1 2024 losses to SAR 2.5M

27/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	43.93	39.82	(9.4 %)
Gross Income	1.86	1.94	4.6 %
Operating Income	(2.51)	(1.73)	31.0 %
Net Income	(3.16)	(2.50)	21.0 %
Average Shares	26.60	26.60	-
EPS (Riyals)	(0.12)	(0.09)	21.0 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	43.93	39.82	(9.4 %)
Gross Income	1.86	1.94	4.6 %
Operating Income	(2.51)	(1.73)	31.0 %
Net Income	(3.16)	(2.50)	21.0 %
Average Shares	26.60	26.60	-
EPS (Riyals)	(0.12)	(0.09)	21.0 %

Item	H2 2023	H1 2024	Change‬
Revenues	45.76	39.82	(13.0 %)
Gross Income	2.29	1.94	(15.1 %)
Operating Income	(0.88)	(1.73)	(97.4 %)
Net Income	(1.63)	(2.50)	(53.4 %)
Average Shares	26.60	26.60	-
EPS (Riyals)	(0.06)	(0.09)	(53.4 %)

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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