Financial Results : Molan Steel widens losses to SAR 7.1M in 2024, SAR 4.6M in H2

Molan Steel widens losses to SAR 7.1M in 2024, SAR 4.6M in H2

27/03/2025 Argaam Exclusive

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Molan Steel Co. logged SAR 7.1 million in net losses for 2024, up 48% from SAR 4.78 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 89.70 86.37 (3.7 %)
Gross Income 4.14 4.44 7.2 %
Operating Income (3.38) (5.40) (59.8 %)
Net Income (4.79) (7.07) (47.7 %)
Average Shares 26.60 26.60 -
Earnings Per Share before unusual items (Riyals) (0.18) (0.27) (47.7 %)
EPS (Riyal) (0.18) (0.27) (47.7 %)

The wider losses were due to setting provisions for inventory, accounts receivable, and advance payments totaling SAR 2.34 million for the recently-acquired company, Mayar International Industry.

 

Further, steel prices continued to decline in 2024, which in turn reduced sales and profit margins, pushing financing costs higher.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 45.76 46.56 1.7 %
Gross Income 2.29 2.50 9.2 %
Operating Income (0.87) (3.67) (322.7 %)
Net Income (1.63) (4.58) (181.3 %)
Average Shares 26.60 26.60 -
Earnings Per Share before unusual items (Riyal) (0.06) (0.17) (181.3 %)
EPS (Riyal) (0.06) (0.17) (181.3 %)

In H2 2024, net losses widened to SAR 4.58 million, from SAR 1.63 million in H2 2023.

 

On a biannual basis, the six-month losses also deepened from SAR 2.5 million in H1 2024.

 

Total shareholders’ equity, no minority interest, contracted to SAR 23 million by Dec. 31, 2024, compared to SAR 30.08 million a year earlier.

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