Bena H1 2023 profit drops 53% to SAR 5.2 mln

Bena H1 2023 profit drops 53% to SAR 5.2 mln

14/08/2023 Argaam Exclusive

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Bena Steel Industries Co.’s net profit dropped 53% to SAR 5.2 million in H1 2023, compared to SAR 11 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 182.07 216.44 18.9 %
Gross Income 19.71 16.42 (16.7 %)
Operating Income 14.33 10.39 (27.5 %)
Net Income 10.95 5.20 (52.5 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 1.83 0.87 (52.5 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 182.07 216.44 18.9 %
Gross Income 19.71 16.42 (16.7 %)
Operating Income 14.33 10.39 (27.5 %)
Net Income 10.95 5.20 (52.5 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 1.83 0.87 (52.5 %)

The profit decline was attributed to lower gross profit due to the sharp fall in the global steel price.

 

Total shareholders’ equity, no minority interest, reached SAR 74.84 million by the end of June 30, 2023, from SAR 74.9 million a year earlier.

 

Historical Development of Financial Statements 

Period 

Revenues

(SAR mln) 

Net Earnings 

(SAR mln)

EPS 

(SAR)

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  

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 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 %)
H2 2022 192.04 62.5 % 6.80 (60.0 %) 1.37 (87.6 %)
H1 2023 216.44 18.9 % 16.42 (16.7 %) 10.39 (27.5 %)


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 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
H2 2022 (3.25) (139.4 %) (0.54) - (3.25) (0.54)
H1 2023 5.20 (52.5 %) 0.87 - 5.20 0.87

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 15.16 % 12.33 % 8.37 %
H1 2022 12.22 % 10.14 % 6.40 %
H2 2022 7.08 % 5.48 % 2.06 %
H1 2023 5.68 % 4.03 % 0.48 %


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 6.00 - - 10.70
H2 2021 6.00 3.60 3.60 11.31
H1 2022 6.00 3.20 3.20 12.50
H2 2022 6.00 1.28 1.28 11.61
H1 2023 6.00 0.32 0.32 12.47

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 - - -
H1 2023 More than 100 More than 100 3.14


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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