23
Mar
12:12
Molan Steel posts loss despite revenue increase
Riyadh-based Molan Steel increased its revenue in 2022, but posted a net loss of SAR 761,287 ($203,009) versus a net profit of SAR 4.17 million in 2021, Kallanish notes.
The company's 12-month revenue at SAR 84.6m was up 75.7% on-year from SAR 48.2m in 2021. However, gross profit declined 32% to SAR 5.3m from SAR 7.8m in 2021.
The loss is due to the sharp decline in global steel prices in 2022, the firm says in a bourse filing.
The firm registered …
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Very good overview of the weekly steel market.
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