Bena posts 64% drop in 2022 profit to SAR 7.7 mln

30/03/2023 Argaam Exclusive

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Bena Steel Industries Co.’s net profit fell 64% to SAR 7.7 million in 2022, compared to SAR 21.6 million a year before.

Financials (M)

Item	2021	2022	Change‬
Revenues	258.21	374.11	44.9 %
Gross Income	39.14	26.50	(32.3 %)
Operating Income	26.55	15.70	(40.9 %)
Net Income	21.62	7.70	(64.4 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.60	1.28	(64.4 %)

The profit decline was due to lower gross profit on a sharp drop in global steel prices.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	118.21	192.04	62.5 %
Gross Income	17.00	6.80	(60.0 %)
Operating Income	11.07	1.37	(87.6 %)
Net Income	8.25	(3.25)	(139.4 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.38	(0.54)	(139.4 %)

Item	H1 2022	H2 2022	Change‬
Revenues	182.07	192.04	5.5 %
Gross Income	19.71	6.80	(65.5 %)
Operating Income	14.33	1.37	(90.5 %)
Net Income	10.95	(3.25)	(129.7 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.83	(0.54)	(129.7 %)

Total shareholders’ equity, excluding minority interest, reached SAR 69.64 million by the end of 2022, compared with SAR 67.88 million a year earlier.

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