Watani Steel’s net profit jumps 64% to SAR 30 mln in H1 2021

18/08/2021 Argaam Exclusive

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Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax of SAR 30 million for H1 2021, a 64% increase, compared to SAR 18.3 million in the year-earlier period.

The increase was attributed to higher sales volume and lower financing expenses despite a fall in profit margins.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	205.92	322.02	56.4 %
Gross Income	28.50	40.68	42.8 %
Operating Income	23.27	33.82	45.3 %
Net Income	18.32	30.00	63.8 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.10	0.17	63.8 %

In addition, the company reported an increase in general and administrative expenses and higher Zakat provision.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2020	H1 2021	Change‬
Revenues	205.92	322.02	56.4 %
Gross Income	28.50	40.68	42.8 %
Operating Income	23.27	33.82	45.3 %
Net Income	18.32	30.00	63.8 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.10	0.17	63.8 %

Item	H2 2020	H1 2021	Change‬
Revenues	253.49	322.02	27.0 %
Gross Income	27.90	40.68	45.8 %
Operating Income	17.53	33.82	92.9 %
Net Income	12.76	30.00	135.1 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.07	0.17	135.1 %

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