Bena net profit down 4% to SAR 5M to H1 2024

01/09/2024 Argaam Exclusive

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Bena Steel Industries Co. posted SAR 5 million in net profit for H1 2024, a 4% slip from SAR 5.2 million in the year before.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	216.44	191.38	(11.6 %)
Gross Income	16.42	19.71	20.0 %
Operating Income	10.39	10.65	2.5 %
Net Income	5.20	5.02	(3.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	0.87	0.84	(3.5 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	216.44	191.38	(11.6 %)
Gross Income	16.42	19.71	20.0 %
Operating Income	10.39	10.65	2.5 %
Net Income	5.20	5.02	(3.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	0.87	0.84	(3.5 %)

Item	H2 2023	H1 2024	Change‬
Revenues	192.64	191.38	(0.7 %)
Gross Income	13.80	19.71	42.8 %
Operating Income	6.30	10.65	69.1 %
Net Income	(0.39)	5.02	1391.9 %
Average Shares	6.00	6.00	-
EPS (Riyals)	(0.06)	0.84	1391.9 %

The annual profit decline was attributed to lower revenues for the six-month period, mainly due to weaker demand and volatile steel selling prices.

Shareholders' equity (no minority interest) expanded to SAR 85.88 million during the first half of 2024, compared to SAR 74.84 million in the year-ago period.

Historical Data
Period	Revenues (SAR mln)	Net Profit (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
H2 2023	192.64	(0.39)	(0.08)
H1 2024	191.38	5.02	1

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