Molan Steel incurs SAR 3.2 mln loss in H1 2023

Molan Steel incurs SAR 3.2 mln loss in H1 2023

04/09/2023 Argaam Exclusive

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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. 



Financials (M)

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.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 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 %)

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)

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 20.24 - 4.46 - 2.34 -
H2 2021 27.92 - 3.37 - 2.13 -
H1 2022 46.86 131.6 % 5.49 23.2 % 2.80 19.6 %
H2 2022 37.76 35.3 % (0.18) (105.2 %) (3.20) (250.2 %)
H1 2023 43.93 (6.2 %) 1.86 (66.2 %) (2.51) (189.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 1.87 - 0.08 - 1.87 0.08
H2 2021 2.31 - 0.10 - 2.31 0.10
H1 2022 2.26 21.4 % 0.10 - 2.26 0.10
H2 2022 (3.02) (231.2 %) (0.13) 0.80 (3.82) (0.17)
H1 2023 (3.16) (239.6 %) (0.12) - (3.16) (0.12)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 16.25 % 10.39 % 8.66 %
H1 2022 11.85 % 7.54 % 6.11 %
H2 2022 6.29 % 0.67 % (1.85 %)
H1 2023 2.06 % (5.46 %) (8.55 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 23.00 - - 1.09
H2 2021 23.00 0.18 0.18 1.19
H1 2022 23.00 0.20 0.20 1.29
H2 2022 23.00 (0.03) (0.07) 1.51
H1 2023 26.60 (0.23) (0.26) 1.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 NEG NEG 2.44
H1 2023 NEG NEG 3.68


Financial Ratios
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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Share Price

Molan Steel Co.
3.07
(0.08) (2.54 %)

Molan Steel Co. (MOLAN)

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