Molan Steel cuts H1 2024 losses to SAR 2.5M

Molan Steel cuts H1 2024 losses to SAR 2.5M

27/08/2024 Argaam Exclusive

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Molan Steel Co. narrowed net losses to SAR 2.5 million in the first half of 2024, from SAR 3.2 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 43.93 39.82 (9.4 %)
Gross Income 1.86 1.94 4.6 %
Operating Income (2.51) (1.73) 31.0 %
Net Income (3.16) (2.50) 21.0 %
Average Shares 26.60 26.60 -
EPS (Riyals) (0.12) (0.09) 21.0 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 43.93 39.82 (9.4 %)
Gross Income 1.86 1.94 4.6 %
Operating Income (2.51) (1.73) 31.0 %
Net Income (3.16) (2.50) 21.0 %
Average Shares 26.60 26.60 -
EPS (Riyals) (0.12) (0.09) 21.0 %

The first-half losses decreased as the company allocated zero provisions for inventory and clients, thanks to the better efficiency of the operating cycle.

 

On the other hand, sales dropped due to a 7.5% decline year-on-year (YoY) in product selling prices, although the drop in sales volumes accounted for just 2%. The sales volumes decreased as the first half of 2024 coincided with the Eid Al-Fitr and Eid Al-Adha holidays.

 

Total shareholders’ equity, no minority interest, dropped to SAR 27.59 million by June 30, 2024, compared to SAR 31.68 million a year ago.

 

Accumulated losses reached SAR 3.72 million as of June 30, 2024, representing 14% of the company’s capital.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

20.24

1.87

0.81

H2 2021

27.91

2.30

1.00

H1 2022

46.86

2.26

0.98

H2 2022

37.76

(3.02)

(1.31)

H1 2023

43.93

(3.16)

(0.12)

H2 2023

45.77

(1.63)

(0.06)

H1 2024

39.82

(2.49)

(0.09)

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H2 2023 45.76 21.2 % 2.29 1405.7 % (0.88) 72.6 %
H1 2024 39.82 (9.4 %) 1.94 4.6 % (1.73) 31.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
H2 2023 (1.63) 46.2 % (0.06) - (1.63) (0.06)
H1 2024 (2.50) 21.0 % (0.09) - (2.50) (0.09)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
H2 2023 4.62 % (2.38 %) (5.34 %)
H1 2024 4.94 % (1.47 %) (4.82 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H2 2023 26.60 (0.18) (0.18) 1.13
H1 2024 26.60 (0.15) (0.15) 1.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H2 2023 NEG NEG 4.89
H1 2024 NEG NEG 3.39


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
more

Share Price

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

Molan Steel Co. (MOLAN)

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