Riyadh Steel 2022 profit up 14% to SAR 5.1 mln

Riyadh Steel 2022 profit up 14% to SAR 5.1 mln

05/10/2023 Argaam Exclusive

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Riyadh Steel Co., which will list its shares on Nomu-Parallel Market soon, reported a 14% rise in 2022 net profit to SAR 5.1 million, compared to SAR 4.5 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 144.74 156.10 7.8 %
Gross Income 15.94 16.31 2.4 %
Operating Income 5.31 6.48 22.0 %
Net Income 4.48 5.09 13.6 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.06 0.07 13.6 %

The profit increase was spurred by an 8% rise in revenue to SAR 156.10 million in 2022 from SAR 144.74 million in 2021.

 

Operating profit margins expanded to 4.2% from 3.7% in 2021, as general and administrative expenses dropped by 12% year-on-year (YoY).



On the other hand, gross profit margins contracted from 11% in 2021 to 10% in 2022, on a 90% increase YoY in the cost of sales to total revenue.

 

In addition to higher finance costs and Zakat expenses, selling and marketing expenses rose by 16% YoY, while other income declined.

 

Shareholders’ equity, no minority interest, grew to SAR 64.33 million as of Dec. 31, 2022, from SAR 59.99 million in 2021.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at SAR 10.46 million, up from SAR 8.33 million in 2021.

 

The steel producer recorded operating cash flows of SAR 9.4 million in 2022, compared to SAR 13.4 million a year earlier. Capital expenditure reached -SAR 661,000, down from -SAR 2.13 million in 2021. Cash flows from finance activities turned negative to SAR 11.26 million, against SAR 2.92 million in 2021.

 

Riyadh Steel’s cash balance reached SAR 11.2 million in 2022, compared to SAR 13.7 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 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
2022 156.10 7.8 % 16.31 2.4 % 6.48 22.0 %


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 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
2022 5.09 13.6 % 0.07 - 5.09 0.07

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 - - -
H1 2022 - - -
H2 2022 - - -
2022 10.45 % 6.70 % 3.26 %


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 - - - -
H2 2021 - - - -
H1 2022 - - - -
H2 2022 - - - -

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 - - -
H2 2022 - - -

Business Segments (Million)

Compared With The
Period Sales of angle bars & flat bars Sales of steel scrap & raw materials Sales returns and allowable discount


Financial Ratios
Current
Market Cap (M Riyal) 141.40
Enterprise Value (EV) (M) 146.81
Shares Outstanding ((M)) 70.00
Book Value (BV) ( Riyal) 1.07
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 12.69
Price/book 1.89
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Share Price

Riyadh Steel Co.
2.02
0.01 0.50 %

Riyadh Steel Co. (RIYADH STEEL)

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