Watani Steel’s net profit up 6% to SAR 31.1 mln in 2020

25/03/2021 Argaam Exclusive

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Share Price

Watani Iron Steel Co.
2.90
(0.01) (0.34 %)

Watani Iron Steel Co. (WATANI STEEL)

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Watani Iron Steel Co. (Watani Steel) reported a net profit of SAR 31.1 million for 2020, a 6% increase compared to a net profit of SAR 29.4 million in 2019.

 

The company attributed the increase to higher profit margins, which contributed to the increase in the gross profit, despite a decrease in the sales volume due to lower demand resulting from the effects of the COVID-19 pandemic and precautionary lockdown periods.



Financials (M)

Item 2019 2020 Change‬
Revenues 481.06 459.41 (4.5 %)
Gross Income 50.23 56.40 12.3 %
Operating Income 39.79 40.80 2.5 %
Net Income 29.39 31.08 5.7 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.16 0.17 5.7 %


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