Watani Steel 2022 profit rises 5% to SAR 49.6 mln

01/03/2023 Argaam Exclusive

Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax at SAR 49.6 million for 2022, a 5% increase compared to SAR 47.1 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 622.89 595.64 (4.4 %)
Gross Income 68.42 71.37 4.3 %
Operating Income 54.12 56.62 4.6 %
Net Income 47.06 49.55 5.3 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.26 0.27 5.3 %

The company attributed the profit growth to lower cost of sales and an increase in the selling price of the final product, despite lower revenue for 2022 on a decrease in sales value. Financing expenses increased due to high global inflation rates and interest rate hike.



Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Revenues 300.87 284.29 (5.5 %)
Gross Income 27.74 35.13 26.6 %
Operating Income 20.30 27.79 36.9 %
Net Income 17.06 24.07 41.1 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.09 0.13 41.1 %

Shareholders’ equity, no minority interest, reached SAR 237.58 million at the end of 2022, compared to SAR 187.22 million a year earlier.

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Share Price

Watani Iron Steel Co.
2.73
0.05 1.87 %

Watani Iron Steel Co. (WATANI STEEL)

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Financial Ratios
Current
Market Cap (M Riyal) 495.90
Enterprise Value (EV) (M) 577.55
Shares Outstanding ((M)) 181.65
Book Value (BV) ( Riyal) 1.33
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
Price/book 2.05
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