Financial Results : Riyadh Steel profit slightly up at SAR 2.5M in H1 2024

Riyadh Steel profit slightly up at SAR 2.5M in H1 2024

19/08/2024 Argaam Exclusive

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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.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 55.92 70.65 26.4 %
Gross Income 8.86 9.57 8.0 %
Operating Income 3.64 3.40 (6.6 %)
Net Income 2.52 2.53 0.5 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.04 0.04 0.5 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 55.92 70.65 26.4 %
Gross Income 8.86 9.57 8.0 %
Operating Income 3.64 3.40 (6.6 %)
Net Income 2.52 2.53 0.5 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.04 0.04 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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