Watani Steel’s H1 2022 profit down 15% to SAR 25.5 mln

14/08/2022 Argaam Exclusive

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Watani Iron Steel Co. posted a 15% decline in H1 2022 net profit after Zakat and tax to SAR 25.5 million, from SAR 30 million in the year-ago period.

The profit decline was attributed to lower sales on lower demand for rebar, despite the higher rate of profitability per ton year-on-year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	322.02	311.36	(3.3 %)
Gross Income	40.68	36.25	(10.9 %)
Operating Income	33.82	28.83	(14.8 %)
Net Income	30.00	25.49	(15.0 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.17	0.14	(15.0 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	322.02	311.36	(3.3 %)
Gross Income	40.68	36.25	(10.9 %)
Operating Income	33.82	28.83	(14.8 %)
Net Income	30.00	25.49	(15.0 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.17	0.14	(15.0 %)

Item	H2 2021	H1 2022	Change‬
Revenues	300.87	311.36	3.5 %
Gross Income	27.74	36.25	30.7 %
Operating Income	20.30	28.83	42.0 %
Net Income	17.06	25.49	49.4 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.09	0.14	49.4 %

Total shareholders’ equity, after minority interest, increased to SAR 212.716 million as of June 30, 2022, compared to SAR 170.329 million a year earlier.

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