Molan Steel Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 86,371,676 | 89,696,660 | -3.71 | ||
| Gross Profit (Loss) | 4,437,157 | 4,140,116 | 7.17 | ||
| Operational Profit (Loss) | -5,402,007 | -3,379,997 | 59.82 | ||
| Net profit (Loss) | -7,072,316 | -4,786,703 | 47.75 | ||
| Total Comprehensive Income | -7,075,363 | -4,755,521 | 48.78 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 23,006,105 | 30,081,468 | -23.52 | ||
| Profit (Loss) per Share | -0.27 | -0.18 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 4,579,494 | 17.21 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Decrease in selling price despite the increase in quantities. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | • Provisions for inventory, accounts receivable, and advance payments totaling SAR 2.34 million were made for the acquired company, Mayar.
• Continued low steel prices are reducing sales volume and decreasing profit margins. • Increased financing costs |
| Statement of the type of external auditor's report | Notice |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We draw attention to the following notes attached to the financial statements:
- Note (2): On 30 November 2024, the Company completed the acquisition of a branch of Mayar International Company (the Branch). The Company accounted for and reported the Branch’s assets and liabilities in its financial statements at cost, with a net book value of SAR 4,217,467. This resulted in a provisional goodwill amount of SAR 30,663,503, pending the completion of valuation procedures and fair value allocation. And our opinion on this matter has not been modified. - Note (16) and Note (2): The acquired Branch’s balances include a loan from the Saudi Industrial Development Fund with an outstanding balance of SAR 5,912,456 as of 31 December 2024. The official documents related to the loan have not yet been updated, and the loan transfer to the Company’s name is still in progress. The official documentation is expected to be completed during the subsequent period. And our opinion has not been modified for this matter. |
| Reclassification of Comparison Items | Comparative figures have been reclassified to conform with the classification of the current year. |
| Additional Information | - |
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