Riyadh Steel Co. reported a marginal rise in H1 2024 net profit to SAR 2.53 million, compared to SAR 2.52 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 55.92 | 70.65 | 26.3 % |
| Net Income | 2.52 | 2.53 | 0.5 % |
| Average Shares | 7.00 | 7.00 | - |
| EPS (Riyals) | 0.36 | 0.36 | 0.5 % |
The annual profit increase was driven by a 26.35% year-on-year (YoY) revenue rise to SAR 70.65 million during the first six months of the year. This was due to higher sales volumes, which offset the decrease in average selling prices.
For the same period, other income jumped by 252% YoY, or SAR 636,000. In addition, sales and marketing expenses surged by 82% (SAR 667,000).
Shareholders’ equity, no minority interest, grew to SAR 77.46 million as of June 30, 2024, from SAR 66.85 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2023 |
55.92 |
2.52 |
0.36 |
|
H2 2023 |
78.28 |
8.62 |
1.23 |
|
H1 2024 |
70.65 |
2.53 |
0.36 |
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