Riyadh Steel profit slightly up at SAR 2.5M in H1 2024

Riyadh Steel profit slightly up at SAR 2.5M in H1 2024

19/08/2024 Argaam Exclusive

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Riyadh Steel Co. reported a marginal rise in H1 2024 net profit to SAR 2.53 million, compared to SAR 2.52 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 55.92 70.65 26.4 %
Gross Income 8.86 9.57 8.0 %
Operating Income 3.64 3.40 (6.6 %)
Net Income 2.52 2.53 0.5 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.04 0.04 0.5 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 55.92 70.65 26.4 %
Gross Income 8.86 9.57 8.0 %
Operating Income 3.64 3.40 (6.6 %)
Net Income 2.52 2.53 0.5 %
Average Shares 70.00 70.00 -
EPS (Riyals) 0.04 0.04 0.5 %

The annual profit increase was driven by a 26.35% year-on-year (YoY) revenue rise to SAR 70.65 million during the first six months of the year. This was due to higher sales volumes, which offset the decrease in average selling prices.

 

For the same period, other income jumped by 252% YoY, or SAR 636,000. In addition, sales and marketing expenses surged by 82% (SAR 667,000).

 

Shareholders’ equity, no minority interest, grew to SAR 77.46 million as of June 30, 2024, from SAR 66.85 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2023

55.92

2.52

0.36

H2 2023

78.28

8.62

1.23

H1 2024

70.65

2.53

0.36

 

View More Financial Results

 


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 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 55.92 - 8.86 - 3.64 -
H2 2023 78.28 - 13.20 - 7.52 -
H1 2024 70.65 26.4 % 9.57 8.0 % 3.40 (6.6 %)


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 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 2.52 - 0.04 - 2.52 0.04
H2 2023 8.62 - 0.12 - 8.62 0.12
H1 2024 2.53 0.5 % 0.04 - 2.53 0.04

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 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 16.44 % 10.46 % 8.30 %
H1 2024 15.29 % 9.29 % 7.49 %


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 - - - -
H2 2021 - - - -
H1 2022 - - - -
H2 2022 - - - -
H1 2023 70.00 - - 0.96
H2 2023 70.00 0.16 0.16 1.07
H1 2024 70.00 0.16 0.16 1.11

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 - - -
H2 2023 10.56 10.56 1.57
H1 2024 15.72 15.72 2.26

Business Segments (Million)

Compared With The
Period Sales of angle bars & flat bars Sales of steel scrap & raw materials Sales returns and allowable discount
Q2 2023 55.80 0.12 -
Q4 2023 76.73 1.67 (0.13)
Q2 2024 70.61 0.04 -


Financial Ratios
Current
Market Cap (M Riyal) 136.50
Enterprise Value (EV) (M) 141.91
Shares Outstanding ((M)) 70.00
Book Value (BV) ( Riyal) 1.07
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 12.25
Price/book 1.82
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Share Price

Riyadh Steel Co.
1.95
0.00 0.00 %

Riyadh Steel Co. (RIYADH STEEL)

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