Molan Steel deepens 2023 loss to SAR 4.8M
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Molan Steel Co. widened net losses to SAR 4.8 million in 2023, compared to SAR 761,300 a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 84.62 | 89.70 | 6.0 % |
| Gross Income | 5.32 | 4.14 | (22.2 %) |
| Operating Income | (0.41) | (3.39) | (734.8 %) |
| Net Income | (0.76) | (4.79) | (528.8 %) |
| Average Shares | 23.00 | 26.60 | 15.7 % |
| EPS (Riyals) | (0.03) | (0.18) | (443.7 %) |
Losses widened due to a 25% decline year-on-year (YoY) in selling prices and a 90.56% increase YoY in the cost of financing.
Molan’s higher revenue YoY was attributed to a new branch opening in the Eastern Province and increased sales volumes in Riyadh and Jeddah branches.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 37.76 | 45.76 | 21.2 % |
| Gross Income | (0.18) | 2.29 | 1405.7 % |
| Operating Income | (3.20) | (0.88) | 72.6 % |
| Net Income | (3.02) | (1.63) | 46.2 % |
| Average Shares | 23.00 | 26.60 | 15.7 % |
| EPS (Riyals) | (0.13) | (0.06) | 53.5 % |
Total shareholders’ equity, no minority interest, stood at SAR 30.08 million by Dec. 31, 2023, compared to SAR 34.8 million a year ago.
Accumulated losses reached SAR 1.79 million by Dec. 31, 2023, representing 6.72% of capital.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net profit (SAR mln) |
EPS (SAR /share) |
|
H1 2021 |
20.24 |
1.87 |
0.08 |
|
H2 2021 |
27.91 |
2.30 |
0.10 |
|
H1 2022 |
46.86 |
2.26 |
0.09 |
|
H2 2022 |
37.76 |
(3.02) |
(0.11) |
|
H1 2023 |
43.93 |
(3.16) |
(0.12) |
|
H2 2023 |
45.77 |
(1.63) |
(0.06) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 43.93 | (6.2 %) | 1.86 | (66.2 %) | (2.51) | (189.8 %) |
| H2 2023 | 45.76 | 21.2 % | 2.29 | 1405.7 % | (0.88) | 72.6 % |
| 2023 | 89.70 | 6.0 % | 4.14 | (22.2 %) | (3.39) | (734.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | (3.16) | (239.6 %) | (0.12) | - | (3.16) | (0.12) |
| H2 2023 | (1.63) | 46.2 % | (0.06) | - | (1.63) | (0.06) |
| 2023 | (4.79) | (528.8 %) | (0.18) | - | (4.79) | (0.18) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 2.06 % | (5.46 %) | (8.55 %) |
| H2 2023 | 4.62 % | (2.38 %) | (5.34 %) |
| 2023 | 4.62 % | (2.38 %) | (5.34 %) |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 26.60 | (0.23) | (0.26) | 1.19 |
| H2 2023 | 26.60 | (0.18) | (0.18) | 1.13 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | NEG | NEG | 3.68 |
| H2 2023 | NEG | NEG | 4.89 |
| Current | |
| Market Cap (M Riyal) | 81.66 |
| Enterprise Value (EV) (M) | 89.08 |
| Shares Outstanding ((M)) | 26.60 |
| Book Value (BV) ( Riyal) | 1.13 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | Neg |
| Price/book | 2.71 |
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