Financial Results : Riyadh Steel’s 2024 profit sinks 82% to SAR 2M; H2 losses at SAR 535,000

Riyadh Steel’s 2024 profit sinks 82% to SAR 2M; H2 losses at SAR 535,000

23/03/2025 Argaam Exclusive

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Riyadh Steel Co. reported an 82% slump in the 2024 net profit to SAR 2 million from SAR 11.1 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 134.20 162.57 21.1 %
Gross Income 22.06 16.35 (25.9 %)
Operating Income 11.39 4.07 (64.2 %)
Net Income 11.14 2.00 (82.1 %)
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Riyals) 0.16 0.03 (82.1 %)
EPS (Riyal) 0.16 0.03 (82.1 %)

The net profit fall was attributed to a decline in selling prices and other income, along with higher expenses compared to the previous year.

 

This was offset by better revenue due to higher sales volumes.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 78.28 91.92 17.4 %
Gross Income 13.20 6.78 (48.7 %)
Operating Income 7.52 0.67 (91.0 %)
Net Income 8.39 (0.54) (106.4 %)
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Riyal) 0.12 (0.01) (106.4 %)
EPS (Riyal) 0.12 (0.01) (106.4 %)

In H2 2024, the steel producer incurred a net loss of SAR 535,000 against a net profit of SAR 8.62 million in the second half of 2023.

 

The company posted a net profit of SAR 2.5 million in H1 2024.

 

Shareholders’ equity, no minority interest, reached SAR 77.9 million as of Dec. 31, 2024, up from SAR 74.9 million a year earlier.

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