Watani Steel 2022 profit rises 5% to SAR 49.6 mln

01/03/2023 Argaam Exclusive

View other reports

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 %

Item	H1 2022	H2 2022	Change‬
Revenues	311.36	284.29	(8.7 %)
Gross Income	36.25	35.13	(3.1 %)
Operating Income	28.83	27.79	(3.6 %)
Net Income	25.49	24.07	(5.6 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.14	0.13	(5.6 %)

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

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×