Molan Steel widens H1 2026 loss to SAR 11.1M

01/09/2026 Argaam Exclusive

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Molan Steel Co. reported a net loss of SAR 11.1 million for the first half of 2026, compared with SAR 2.8 million a year earlier.



Current Half Annual Comparison (Million Riyal)

Compared With The
Item H1 2025 H1 2026 Change‬
Revenues 33.25 9.30 (72.0 %)
Gross Income 2.03 (1.15) (156.8 %)
Operating Income (2.19) (6.34) (189.1 %)
Net Income (2.81) (11.14) (296.1 %)
Average Shares 26.60 26.60 -
Earnings Per Share before unusual items (Riyal) (0.11) (0.27) (153.7 %)
EPS (Riyal) (0.11) (0.42) (296.1 %)

The company attributed the increase in losses to lower revenue due to restrictions imposed on the company’s bank accounts amid a dispute related to the acquisition deal. The restrictions affected the company's ability to finance working capital, purchase inventory, and conduct sales and collections normally, negatively impacting sales.

 

The steel producer recorded a SAR 4 million impairment in goodwill due to the unusual developments arising from the legal case, including enforcement measures against the company’s bank accounts, as well as a sharp decline in working capital.

 

This was coupled with recognition of SAR 1 million in credit losses.

 

Shareholders’ equity, with no minority interest, stood at negative SAR 9.99 million at the end of H1 2026, compared with SAR 20.19 million a year earlier.

 

Accumulated losses reached SAR 37.56 million, or 141.3% of the company’s capital.

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Share Price

Molan Steel Co.
0.71
(0.04) (5.33 %)

Molan Steel Co. (MOLAN)

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Financial Ratios
Current
Market Cap (M Riyal) 18.89
Enterprise Value (EV) (M Riyal) 43.07
Shares Outstanding ((M)) 26.60
Recurring EPS ( Riyal) (TTM) (0.66)
Book Value (BV) ( Riyal) (0.38)
Par Value ( Riyal) 1.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book (1.89)
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (56.16 )
Return on Average Equity (%) (TTM) (591.40 )
EV/adj EBITDA (3.72)
EV/Revenues 1.16
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