Bena posts 64% drop in 2022 profit to SAR 7.7 mln
30/03/2023
Argaam Exclusive
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Bena Steel Industries Co.’s net profit fell 64% to SAR 7.7 million in 2022, compared to SAR 21.6 million a year before.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 258.21 | 374.11 | 44.9 % |
| Gross Income | 39.14 | 26.50 | (32.3 %) |
| Operating Income | 26.55 | 15.70 | (40.9 %) |
| Net Income | 21.62 | 7.70 | (64.4 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 3.60 | 1.28 | (64.4 %) |
The profit decline was due to lower gross profit on a sharp drop in global steel prices.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 118.21 | 192.04 | 62.5 % |
| Gross Income | 17.00 | 6.80 | (60.0 %) |
| Operating Income | 11.07 | 1.37 | (87.6 %) |
| Net Income | 8.25 | (3.25) | (139.4 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 1.38 | (0.54) | (139.4 %) |
Total shareholders’ equity, excluding minority interest, reached SAR 69.64 million by the end of 2022, compared with SAR 67.88 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 182.07 | 30.0 % | 19.71 | (11.0 %) | 14.33 | (7.5 %) |
| H2 2022 | 192.04 | 62.5 % | 6.80 | (60.0 %) | 1.37 | (87.6 %) |
| 2022 | 374.11 | 44.9 % | 26.50 | (32.3 %) | 15.70 | (40.9 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 10.95 | (18.1 %) | 1.83 | - | 10.95 | 1.83 |
| H2 2022 | (3.25) | (139.4 %) | (0.54) | - | (3.25) | (0.54) |
| 2022 | 7.70 | (64.4 %) | 1.28 | - | 7.70 | 1.28 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 12.22 % | 10.14 % | 6.40 % |
| H2 2022 | 7.08 % | 5.48 % | 2.06 % |
| 2022 | 7.08 % | 5.48 % | 2.06 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 6.00 | 3.20 | 3.20 | 12.50 |
| H2 2022 | 6.00 | 1.28 | 1.28 | 11.61 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | - | - | - |
| Current | |
| Market Cap (M Riyal) | 225.60 |
| Enterprise Value (EV) (M) | 307.41 |
| Shares Outstanding ((M)) | 6.00 |
| Book Value (BV) ( Riyal) | 13.48 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 46.86 |
| Price/book | 2.79 |
Share Price
Bena Steel Industries Co. (BENA)
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