Molan Steel swung to a net loss of SAR 3.2 million in the first half of 2023, against a net profit of SAR 2.3 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 46.86 | 43.93 | (6.2 %) |
| Gross Income | 5.49 | 1.86 | (66.2 %) |
| Operating Income | 2.80 | (2.51) | (189.8 %) |
| Net Income | 2.26 | (3.16) | (239.6 %) |
| Average Shares | 23.00 | 26.60 | 15.7 % |
| EPS (Riyals) | 0.10 | (0.12) | (220.7 %) |
The company was hurt by the sharp decline in global iron prices, which pushed the average selling prices lower and weighed on profit margins.
Molan reported an increase in the fixed selling costs resulting from the company’s continuous expansions, higher finance costs as well as inventory and credit loss provisions of $1.2 million.
Accumulated losses amounted to SAR 191,808, accounting for 0.72% of the capital, as of June 30, 2023.
Shareholders’ equity, no minority interest, rose to SAR 31.67 million as of June 30, 2023, from SAR 29.57 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
20.24 |
1.87 |
0.08 |
|
H1 2022 |
27.91 |
2.30 |
0.10 |
|
H1 2022 |
46.86 |
2.26 |
0.10 |
|
H2 2022 |
37.76 |
(3.02) |
(0.13) |
|
H1 2023 |
43.93 |
(3.16) |
(0.12) |
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