Financial Results : Bena 2024 net profit soars to SAR 10.7M; H2 at SAR 5.7M

Bena 2024 net profit soars to SAR 10.7M; H2 at SAR 5.7M

27/03/2025 Argaam Exclusive

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Bena Steel Industries Co.’s net profit skyrocketed 122% to SAR 10.7 million in 2024, compared to SAR 4.8 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 409.08 430.76 5.3 %
Gross Income 30.23 39.74 31.5 %
Operating Income 16.69 23.09 38.4 %
Net Income 4.81 10.68 121.9 %
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyals) 0.80 1.78 121.9 %
EPS (Riyal) 0.80 1.78 121.9 %

The positive performance is driven by a 5% increase in revenue as compared to last year, mainly due to the positive contribution and the revenue growth of steel coils segment.

 

This is in addition to the increase in the revenue and profit margins for the final product in the fabrication segment.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 192.64 239.39 24.3 %
Gross Income 13.80 20.03 45.1 %
Operating Income 6.30 12.44 97.6 %
Net Income (0.39) 5.66 1557.5 %
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyal) (0.06) 0.94 1557.5 %
EPS (Riyal) (0.06) 0.94 1557.5 %

In H2 2024, the company turned to a net profit of SAR 5.7 million from a net loss of SAR 390,000 in the second half of 2023.

 

On a half-on-half basis, net earnings increased by 12.8% from SAR 5 million in H1 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 93.08 million as of Dec. 31, 2024, from SAR 80.86 million a year earlier.

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