Riyadh — Mubasher: Molan Steel Company suffered net loss of SAR 11.14 million in the first half (H1) of 2026, an annual leap of 296.10% from SAR 2.81 million.
The company’s sales plummeted by 72.03% to SAR 9.30 million from SAR 33.25 million in the prior-year period. Loss per share for the period widened to SAR 0.42 from SAR 0.11.
The company attributed the deteriorating financial performance to restrictions placed on its bank accounts due to an acquisition-related dispute. These restrictions severely impacted working capital, inventory procurement, and normal sales operations.
Additional factors contributing to the loss included a SAR 4 million goodwill impairment and credit losses totaling SAR 1 million.
Accumulated losses reached SAR 37.58 million, equivalent to 141.26% of the company's capital. Total equity stood at a negative SAR 9.99 million when compared to a positive SAR 20.19 million a year earlier.
The external auditor’s report included an emphasis of matter paragraph regarding these financial results.
