Riyadh Steel 2022 profit up 14% to SAR 5.1 mln

05/10/2023 Argaam Exclusive

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Riyadh Steel Co., which will list its shares on Nomu-Parallel Market soon, reported a 14% rise in 2022 net profit to SAR 5.1 million, compared to SAR 4.5 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	144.74	156.10	7.8 %
Gross Income	15.94	16.31	2.4 %
Operating Income	5.31	6.48	22.0 %
Net Income	4.48	5.09	13.6 %
Average Shares	70.00	70.00	-
EPS (Riyals)	0.06	0.07	13.6 %

The profit increase was spurred by an 8% rise in revenue to SAR 156.10 million in 2022 from SAR 144.74 million in 2021.

Operating profit margins expanded to 4.2% from 3.7% in 2021, as general and administrative expenses dropped by 12% year-on-year (YoY).

On the other hand, gross profit margins contracted from 11% in 2021 to 10% in 2022, on a 90% increase YoY in the cost of sales to total revenue.

In addition to higher finance costs and Zakat expenses, selling and marketing expenses rose by 16% YoY, while other income declined.

Shareholders’ equity, no minority interest, grew to SAR 64.33 million as of Dec. 31, 2022, from SAR 59.99 million in 2021.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at SAR 10.46 million, up from SAR 8.33 million in 2021.

The steel producer recorded operating cash flows of SAR 9.4 million in 2022, compared to SAR 13.4 million a year earlier. Capital expenditure reached -SAR 661,000, down from -SAR 2.13 million in 2021. Cash flows from finance activities turned negative to SAR 11.26 million, against SAR 2.92 million in 2021.

Riyadh Steel’s cash balance reached SAR 11.2 million in 2022, compared to SAR 13.7 million a year earlier.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	110.83	-	6.79	-	3.26	-
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	144.74	30.6 %	15.94	134.8 %	5.31	62.9 %
H1 2022	-	-	-	-	-	-
H2 2022	-	-	-	-	-	-
2022	156.10	7.8 %	16.31	2.4 %	6.48	22.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	110.83	-	6.79	-	3.26	-
2021	144.74	30.6 %	15.94	134.8 %	5.31	62.9 %
2022	156.10	7.8 %	16.31	2.4 %	6.48	22.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	2.00	-	0.03	-	2.00	0.03
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	4.48	124.0 %	0.06	-	4.48	0.06
H1 2022	-	-	-	-	-	-
H2 2022	-	-	-	-	-	-
2022	5.09	13.6 %	0.07	-	5.09	0.07

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	2.00	-	0.03	-	2.00	0.03
2021	4.48	124.0 %	0.06	-	4.48	0.06
2022	5.09	13.6 %	0.07	-	5.09	0.07

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	6.12 %	4.70 %	1.81 %
H1 2021	-	-	-
H2 2021	-	-	-
2021	11.01 %	5.76 %	3.10 %
H1 2022	-	-	-
H2 2022	-	-	-
2022	10.45 %	6.70 %	3.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	6.12 %	4.70 %	1.81 %
2021	11.01 %	5.76 %	3.10 %
2022	10.45 %	6.70 %	3.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	-	-	-	-
H2 2020	-	-	-	-
H1 2021	-	-	-	-
H2 2021	-	-	-	-
H1 2022	-	-	-	-
H2 2022	-	-	-	-

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	70.00	0.03	0.03	0.63
2021	70.00	0.06	0.06	0.86
2022	70.00	0.07	0.07	0.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	-	-	-

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

Business Segments (Million)

Compared With The

Period	Sales of angle bars & flat bars	Sales of steel scrap & raw materials	Sales returns and allowable discount

Period	Sales of angle bars & flat bars	Sales of steel scrap & raw materials	Sales returns and allowable discount
2021	131.61	13.70	(0.57)
2022	148.60	10.63	(3.14)

Financial Ratios

	Current
Market Cap (M Riyal)	157.50
Enterprise Value (EV) (M)	162.91
Shares Outstanding ((M))	70.00
Book Value (BV) ( Riyal)	1.07
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	14.13
Price/book	2.10

Riyadh Steel Co. (RIYADH STEEL)

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Riyadh Steel 2022 profit up 14% to SAR 5.1 mln

View other reports

Financials (M)

Financial results (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Riyadh Steel Co. (RIYADH STEEL)

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Riyadh Steel 2022 profit up 14% to SAR 5.1 mln

View other reports

Financials (M)

Financial results (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Riyadh Steel Co. (RIYADH STEEL)

Comments {{getCommentCount()}}

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Business Segments (Million)