Bena H1 2023 profit drops 53% to SAR 5.2 mln

14/08/2023 Argaam Exclusive

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Bena Steel Industries Co.’s net profit dropped 53% to SAR 5.2 million in H1 2023, compared to SAR 11 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	182.07	216.44	18.9 %
Gross Income	19.71	16.42	(16.7 %)
Operating Income	14.33	10.39	(27.5 %)
Net Income	10.95	5.20	(52.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.83	0.87	(52.5 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	182.07	216.44	18.9 %
Gross Income	19.71	16.42	(16.7 %)
Operating Income	14.33	10.39	(27.5 %)
Net Income	10.95	5.20	(52.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.83	0.87	(52.5 %)

Item	H2 2022	H1 2023	Change‬
Revenues	192.04	216.44	12.7 %
Gross Income	6.80	16.42	141.6 %
Operating Income	1.37	10.39	659.0 %
Net Income	(3.25)	5.20	259.9 %
Average Shares	6.00	6.00	-
EPS (Riyals)	(0.54)	0.87	259.9 %

The profit decline was attributed to lower gross profit due to the sharp fall in the global steel price.

Total shareholders’ equity, no minority interest, reached SAR 74.84 million by the end of June 30, 2023, from SAR 74.9 million a year earlier.

Historical Development of Financial Statements
Period	Revenues (SAR mln)	Net Earnings (SAR mln)	EPS (SAR)
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

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