Saudi Arabia’s Molan Steel Co. reported a 21pct YoY reduction in net losses for the first half of 2024, according to a stock exchange filing. The company recorded a net loss of SAR 2.49 mln (USD 0.66 mln) in H1 2024, compared to SAR 3.15 mln during the same period last year.
The improved performance was attributed to the absence of provisions for inventory and clients, driven by increased operational efficiency.
However, sales revenue declined by 9.37pct YoY to SAR 39.8 mln (USD 10.6 mln) due to a 7.5pct decrease in product selling prices, despite only a 2pct reduction in quantities sold. The drop in sales was partly attributed to the overlap of the current period with the Eid Al-Fitr and Eid Al-Adha holidays.
Molan Steel is a major supplier of steel products for the construction and fabrication sectors in the Middle East region.
1 USD / 3.75 SAR
