New Risk • Jun 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (ر.س27.9m market cap, or US$7.44m). Announcement • Jun 10
Molan Steel Company, Annual General Meeting, Jun 30, 2026 Molan Steel Company, Annual General Meeting, Jun 30, 2026, at 19:05 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • May 10
Full year 2025 earnings released: ر.س0.82 loss per share (vs ر.س0.27 loss in FY 2024) Full year 2025 results: ر.س0.82 loss per share (further deteriorated from ر.س0.27 loss in FY 2024). Revenue: ر.س60.9m (down 29% from FY 2024). Net loss: ر.س21.8m (loss widened 209% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. New Risk • Mar 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (ر.س34.6m market cap, or US$9.21m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Feb 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ر.س36.7m (US$9.79m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (ر.س36.7m market cap, or US$9.79m). Buy Or Sell Opportunity • Jan 19
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ر.س1.75. The fair value is estimated to be ر.س2.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 09
Molan Steel Co. Announces Latest Developments Regarding the Lawsuit Filed by Yara International Limited Yara International Limited had previously filed a lawsuit against Molan Steel Company, which resulted in a final judgment requiring Molan Steel Company to pay the claimant SAR 17,880,970. The development announced on 17 November 2025 included the issuance of a preliminary judgment to suspend enforcement of that judgment pending the adjudication of the contract nullification lawsuit filed by Molan Steel Company against Yara International Limited. The development announced on 5 January 2026 included the Court of Appeal issuing a judgment cancelling the decision to suspend enforcement. It should be noted that the contract nullification lawsuit is still pending before the first-instance court and has not yet been adjudicated. New Risk • Jan 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 66% per year over the past 5 years. Minor Risk Market cap is less than US$100m (ر.س48.7m market cap, or US$13.0m). New Risk • Dec 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ر.س37.2m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (ر.س37.2m market cap, or US$9.93m). New Risk • Sep 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.6% average weekly change). Earnings have declined by 66% per year over the past 5 years. Minor Risk Market cap is less than US$100m (ر.س54.5m market cap, or US$14.5m). New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 76% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (ر.س59.9m market cap, or US$16.0m). Announcement • Jun 04
Molan Steel Company, Annual General Meeting, Jun 24, 2025 Molan Steel Company, Annual General Meeting, Jun 24, 2025, at 19:20 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • Mar 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-ر.س2.1m free cash flow). Earnings have declined by 86% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (ر.س81.1m market cap, or US$21.6m). New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings have declined by 86% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-ر.س2.1m free cash flow). Earnings have declined by 86% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (ر.س89.1m market cap, or US$23.7m). New Risk • Jun 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -ر.س11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-ر.س11m free cash flow). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (ر.س93.6m market cap, or US$25.0m). Announcement • Jun 05
Molan Steel Company, Annual General Meeting, Jun 25, 2024 Molan Steel Company, Annual General Meeting, Jun 25, 2024, at 18:40 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (ر.س127.7m market cap, or US$34.1m). New Risk • Oct 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (ر.س144.9m market cap, or US$38.6m). New Risk • Aug 15
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (ر.س101.9m market cap, or US$27.2m). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ر.س42.00, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 21x in the Metals and Mining industry in Saudi Arabia. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ر.س52.80, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 26x in the Metals and Mining industry in Saudi Arabia. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ر.س42.60, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 21x in the Metals and Mining industry in Saudi Arabia.