Riyadh Steel profit up to SAR 11.1M in 2023

28/03/2024 Argaam Exclusive

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Riyadh Steel Co. reported a rise in 2023 net profit to SAR 11.1 million, compared to SAR 5.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	156.10	134.20	(14.0 %)
Gross Income	16.31	22.06	35.2 %
Operating Income	6.48	11.15	72.2 %
Net Income	5.09	11.14	118.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.07	0.16	118.8 %

The profit increase was driven by the lower cost of revenue and higher other income compared to the previous year.

This came despite the decline in revenue attributable to a reduction in market prices for finished goods and a decline in sales volumes.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬

Item	H1 2023	H2 2023	Change‬
Revenues	55.92	78.28	40.0 %
Gross Income	8.86	13.20	49.0 %
Operating Income	3.64	7.52	106.6 %
Net Income	2.52	8.62	241.8 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.04	0.12	241.8 %

Shareholders’ equity, no minority interest, grew to SAR 74.9 million as of Dec. 31, 2023, from SAR 64.3 million in 2022.

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