Bena 2023 earnings slip 38% to SAR 4.8M

31/03/2024 Argaam Exclusive

View other reports

Bena Steel Co. posted SAR 4.8 million in net profit for 2023, down from SAR 7.7 million in the year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	374.11	409.08	9.3 %
Gross Income	26.50	30.23	14.1 %
Operating Income	15.70	16.69	6.3 %
Net Income	7.70	4.81	(37.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.28	0.80	(37.5 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	192.04	192.64	0.3 %
Gross Income	6.80	13.80	103.0 %
Operating Income	1.37	6.30	360.4 %
Net Income	(3.25)	(0.39)	88.1 %
Average Shares	6.00	6.00	-
EPS (Riyals)	(0.54)	(0.06)	88.1 %

Item	H1 2023	H2 2023	Change‬
Revenues	216.44	192.64	(11.0 %)
Gross Income	16.42	13.80	(16.0 %)
Operating Income	10.39	6.30	(39.3 %)
Net Income	5.20	(0.39)	(107.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	0.87	(0.06)	(107.5 %)

The annual profit drop was ascribed to the sharp decline and volatility in the selling prices of steel, which led to reduced profit margins for the final product, in addition to the rising global inflation and interest rates.

This came despite the 9% year-on-year (YoY) rise in revenues.

Shareholders' equity (no minority interest) amounted to SAR 80.86 million, compared to SAR 69.64 million a year earlier.

Historical Development of Interim Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2021	140.00	13.37	2.67
H2 2021	118.21	8.25	1.65
H1 2022	182.07	10.95	2.19
H2 2022	192.04	(3.25)	(0.65)
H1 2023	216.44	5.20	1.04
H2 2023	192.64	(0.39)	(0.08)

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×