Bena net profit down 4% to SAR 5M to H1 2024

Bena net profit down 4% to SAR 5M to H1 2024

01/09/2024 Argaam Exclusive

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Bena Steel Industries Co. posted SAR 5 million in net profit for H1 2024, a 4% slip from SAR 5.2 million in the year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 216.44 191.38 (11.6 %)
Gross Income 16.42 19.71 20.0 %
Operating Income 10.39 10.65 2.5 %
Net Income 5.20 5.02 (3.5 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 0.87 0.84 (3.5 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 216.44 191.38 (11.6 %)
Gross Income 16.42 19.71 20.0 %
Operating Income 10.39 10.65 2.5 %
Net Income 5.20 5.02 (3.5 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 0.87 0.84 (3.5 %)

The annual profit decline was attributed to lower revenues for the six-month period, mainly due to weaker demand and volatile steel selling prices.

 

Shareholders' equity (no minority interest) expanded to SAR 85.88 million during the first half of 2024, compared to SAR 74.84 million in the year-ago period.

 

Historical Data

Period

Revenues

(SAR mln)

Net Profit

(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

H2 2023

192.64

(0.39)

(0.08)

H1 2024

191.38

5.02

1
 

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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 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 %)
H2 2023 192.64 0.3 % 13.80 103.0 % 6.30 360.4 %
H1 2024 191.38 (11.6 %) 19.71 20.0 % 10.65 2.5 %


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 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
H2 2023 (0.39) 88.1 % (0.06) - (0.39) (0.06)
H1 2024 5.02 (3.5 %) 0.84 - 5.02 0.84

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 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 %
H2 2023 7.39 % 5.19 % 1.18 %
H1 2024 8.73 % 5.54 % 1.21 %


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 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
H2 2023 6.00 0.80 0.80 13.48
H1 2024 6.00 0.77 0.77 14.31

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 - - -
H1 2023 More than 100 More than 100 3.14
H2 2023 43.14 43.14 2.57
H1 2024 39.93 39.93 2.15


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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