GSW makes SAR 49 mln profit in six months to Sep 30

13/12/2017 Argaam Special

 

Gulf Steel Works (GSW), to be listed in the Saudi Nomu parallel market, recorded SAR 49.1 million in net profit, down 4 percent year-on-year (YoY) in the six-month period ending September 30, 2017, data compiled by Argaam showed.

 

Income Statement - H1 ended Sept. 2017 (SAR mln)

Period

Sept. 2016

Sept. 2017

Variation

Revenue

412.0

370.3

(10%)

Gross profit margin

20.5 %

22.9 %

+2.4%

Net Profit

51.0

49.1

(4%)

Net Profit margin %

12.4%

13.3%

+0.9%

 

Revenue for the period fell 10 percent YoY to SAR 370.3 million. Meanwhile, gross profit margins increased by 2.4 percent YoY to 22.9 in the same period, driven by lower costs as a percentage of revenue from ongoing projects. Net profit margins also rose from 12.4 percent in Sep. 2016 to 13.3 percent in Sep. 2017.

 

Balance Sheet (SAR mln)

Period

Sept. 2016

Sept. 2017

Variation

Cash & cash equivalent

20.4

8.1

(60%)

Current assets

778.3

789.5

+1%

Non-current assets

222.8

245.5

+10%

Total assets

1,001.1

1,035.0

+3%

Short-term loans

320.5

328.1

+2%

Current liabilities

692.5

624.9

(10%)

Long-term loans

3.9

0.0

--

Non-current liabilities

20.6

17.4

(16%)

Total liabilities

713.1

642.3

(10%)

Capital

50

200

+300%

Shareholders’ equity

288.0

392.7

+36%

 

Net operating cash flows surged 356 percent to SAR 88 million, due to settling of projects’ dues.

 

Cash Flow Statement (SAR mln)

Period

Sept. 2016

Sept. 2017

Variation

Operating activities

(34.4)

87.9

+356%

Investment activities

(12.4)

(21.2)

(71%)

Financing activities

65.6

(63.4)

(197%)

Net cash balances at period-end

20.4

8.1

(60%)

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