Watani Steel 2023 profit sinks 91% to SAR 4.2M

04/03/2024 Argaam Exclusive

Watani Iron Steel Co. (Watani Steel) reported a net profit slump of 91% to SAR 4.2 million in 2023, compared to SAR 49.6 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 595.64 370.11 (37.9 %)
Gross Income 71.37 24.43 (65.8 %)
Operating Income 56.62 10.63 (81.2 %)
Net Income 49.55 4.24 (91.4 %)
Average Shares 181.65 181.65 -
EPS (Riyals) 0.27 0.02 (91.4 %)

The annual profit was hurt by a decline in revenues amid subdued demand, which drove sales volumes in the sector lower. In addition, steel prices witnessed a steep drop, leading to a slump in end products’ profit margins amid higher global inflation and interest rates.

 

Total shareholders’ equity, no minority interest, rose to SAR 242.43 million as of Dec. 31, 2023, from SAR 237.58 million a year earlier.

 

Watani Steel's Interim Financials

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2019

203.35

7.78

0.43

H2 2019

277.71

21.61

1.18

H1 2020

205.92

18.32

1.01

H2 2020

253.49

12.76

0.70

H1 2021

322.02

30.00

1.65

H2 2021

300.87

17.06

0.94

H1 2022

311.36

25.49

1.40

H2 2022

284.28

24.06

1.32

H1 2023

159.79

1.23

0.07

H2 2023

220.32

3.01

0.02


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 284.29 210.32 (26.0 %)
Gross Income 35.13 12.63 (64.1 %)
Operating Income 27.79 6.31 (77.3 %)
Net Income 24.07 3.01 (87.5 %)
Average Shares 181.65 181.65 -
EPS (Riyals) 0.13 0.02 (87.5 %)

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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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