Bena H1 2022 net profit down 18% to SAR 11 mln

Bena H1 2022 net profit down 18% to SAR 11 mln

02/02/2023 Argaam Exclusive

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Bena Steel Industries Co.’s net profit fell 18% to SAR 11 million in H1 2022, compared to SAR 13.4 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 140.00 182.07 30.0 %
Gross Income 22.15 19.71 (11.0 %)
Operating Income 15.48 14.33 (7.5 %)
Net Income 13.37 10.95 (18.1 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 2.23 1.83 (18.1 %)

The profit decline was attributed to a 38% year-on-year (YoY) rise in the cost of revenue, which led to the gross profit margin falling to 10.8% in H1 2022, compared to 15.8% in H1 2021.

 

The company also recorded a Zakat expense of SAR 800,000 in H1 2022, compared to zero in the year-earlier period.

 

However, revenue rose 30% YoY as earnings from all products increased. Steel roll sales accounted for more than 80% of the company's revenues.

 

Meanwhile, operating expenses fell 19% YoY.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 140.00 182.07 30.0 %
Gross Income 22.15 19.71 (11.0 %)
Operating Income 15.48 14.33 (7.5 %)
Net Income 13.37 10.95 (18.1 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 2.23 1.83 (18.1 %)

Total shareholders’ equity, no minority interest, reached SAR 75 million by the end of June 30, 2022, from SAR 64.2 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
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 140.00 - 22.15 - 15.48 -
H2 2021 118.21 - 17.00 - 11.07 -
H1 2022 182.07 30.0 % 19.71 (11.0 %) 14.33 (7.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
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 13.37 - 2.23 - 13.37 2.23
H2 2021 8.25 - 1.38 - 8.25 1.38
H1 2022 10.95 (18.1 %) 1.83 - 10.95 1.83

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
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 15.16 % 12.33 % 8.37 %
H1 2022 12.22 % 10.14 % 6.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
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 6.00 - - 10.70
H2 2021 6.00 3.60 3.60 11.31
H1 2022 6.00 3.20 3.20 12.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
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 - - -


Financial Ratios
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
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Share Price

Bena Steel Industries Co.
37.60
2.10 5.92 %

Bena Steel Industries Co. (BENA)

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