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

25/03/2021 Argaam Exclusive

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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	2.6 %
Net Income	29.39	31.08	5.7 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.16	0.17	5.7 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2019	H2 2020	Change‬
Revenues	277.71	253.49	(8.7 %)
Gross Income	31.97	27.90	(12.7 %)
Operating Income	25.88	17.53	(32.3 %)
Net Income	21.61	12.76	(40.9 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.12	0.07	(40.9 %)

Item	H1 2020	H2 2020	Change‬
Revenues	205.92	253.49	23.1 %
Gross Income	28.50	27.90	(2.1 %)
Operating Income	23.27	17.53	(24.7 %)
Net Income	18.32	12.76	(30.3 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.10	0.07	(30.3 %)

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