Watani Steel’s H1 2022 profit down 15% to SAR 25.5 mln

14/08/2022 Argaam Exclusive

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

Watani Iron Steel Co. (WATANI STEEL)

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Watani Iron Steel Co. posted a 15% decline in H1 2022 net profit after Zakat and tax to SAR 25.5 million, from SAR 30 million in the year-ago period.

 

The profit decline was attributed to lower sales on lower demand for rebar, despite the higher rate of profitability per ton year-on-year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 322.02 311.36 (3.3 %)
Gross Income 40.68 36.25 (10.9 %)
Operating Income 33.82 28.83 (14.8 %)
Net Income 30.00 25.49 (15.0 %)
Average Shares 181.65 181.65 -
EPS (Riyals) 0.17 0.14 (15.0 %)


Total shareholders’ equity, after minority interest, increased to SAR 212.716 million as of June 30, 2022, compared to SAR 170.329 million a year earlier.

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