Bena H1 2022 net profit down 18% to SAR 11 mln

Bena Steel Industries Co.’s net profit fell 18% to SAR 11 million in H1 2022, compared to SAR 13.4 million in the year-ago period.

The profit decline was attributed to a 38% year-on-year (YoY) rise in the cost of revenue, which led to the gross profit margin falling to 10.8% in H1 2022, compared to 15.8% in H1 2021.

The company also recorded a Zakat expense of SAR 800,000 in H1 2022, compared to zero in the year-earlier period.

However, revenue rose 30% YoY as earnings from all products increased. Steel roll sales accounted for more than 80% of the company's revenues.

Meanwhile, operating expenses fell 19% YoY.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	140.00	182.07	30.0 %
Gross Income	22.15	19.71	(11.0 %)
Operating Income	15.48	14.33	(7.5 %)
Net Income	13.37	10.95	(18.1 %)
Average Shares	6.00	6.00	-
Earnings Per Share before unusual items (Riyals)	2.23	1.83	(18.1 %)
EPS (Riyals)	2.23	1.83	(18.1 %)

Item	H2 2021	H1 2022	Change‬
Revenues	118.21	182.07	54.0 %
Gross Income	17.00	19.71	15.9 %
Operating Income	11.07	14.33	29.4 %
Net Income	8.25	10.95	32.7 %
Average Shares	6.00	6.00	-
Earnings Per Share before unusual items (Riyals)	1.38	1.83	32.7 %
EPS (Riyals)	1.38	1.83	32.7 %

Total shareholders’ equity, no minority interest, reached SAR 75 million by the end of June 30, 2022, from SAR 64.2 million a year earlier.

Bena H1 2022 net profit down 18% to SAR 11 mln

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Current Half Annual Comparison (M)

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