Bena 2023 earnings slip 38% to SAR 4.8M
31/03/2024
Argaam Exclusive
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Bena Steel Co. posted SAR 4.8 million in net profit for 2023, down from SAR 7.7 million in the year before.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 374.11 | 409.08 | 9.3 % |
| Gross Income | 26.50 | 30.23 | 14.1 % |
| Operating Income | 15.70 | 16.69 | 6.3 % |
| Net Income | 7.70 | 4.81 | (37.5 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 1.28 | 0.80 | (37.5 %) |
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 192.04 | 192.64 | 0.3 % |
| Gross Income | 6.80 | 13.80 | 103.0 % |
| Operating Income | 1.37 | 6.30 | 360.4 % |
| Net Income | (3.25) | (0.39) | 88.1 % |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | (0.54) | (0.06) | 88.1 % |
The annual profit drop was ascribed to the sharp decline and volatility in the selling prices of steel, which led to reduced profit margins for the final product, in addition to the rising global inflation and interest rates.
This came despite the 9% year-on-year (YoY) rise in revenues.
Shareholders' equity (no minority interest) amounted to SAR 80.86 million, compared to SAR 69.64 million a year earlier.
|
Historical Development of Interim Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR/share) |
|
H1 2021 |
140.00 |
13.37 |
2.67 |
|
H2 2021 |
118.21 |
8.25 |
1.65 |
|
H1 2022 |
182.07 |
10.95 |
2.19 |
|
H2 2022 |
192.04 |
(3.25) |
(0.65) |
|
H1 2023 |
216.44 |
5.20 |
1.04 |
|
H2 2023 |
192.64 |
(0.39) |
(0.08) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 216.44 | 18.9 % | 16.42 | (16.7 %) | 10.39 | (27.5 %) |
| H2 2023 | 192.64 | 0.3 % | 13.80 | 103.0 % | 6.30 | 360.4 % |
| 2023 | 409.08 | 9.3 % | 30.23 | 14.1 % | 16.69 | 6.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 5.20 | (52.5 %) | 0.87 | - | 5.20 | 0.87 |
| H2 2023 | (0.39) | 88.1 % | (0.06) | - | (0.39) | (0.06) |
| 2023 | 4.81 | (37.5 %) | 0.80 | - | 4.81 | 0.80 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 5.68 % | 4.03 % | 0.48 % |
| H2 2023 | 7.39 % | 5.19 % | 1.18 % |
| 2023 | 7.39 % | 5.19 % | 1.18 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 6.00 | 0.32 | 0.32 | 12.47 |
| H2 2023 | 6.00 | 0.80 | 0.80 | 13.48 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | More than 100 | More than 100 | 3.14 |
| H2 2023 | 43.14 | 43.14 | 2.57 |
| 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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