Watani Steel 2023 profit sinks 91% to SAR 4.2M

04/03/2024 Argaam Exclusive

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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 %)

Item	H1 2023	H2 2023	Change‬
Revenues	159.79	210.32	31.6 %
Gross Income	11.81	12.63	6.9 %
Operating Income	4.32	6.31	45.9 %
Net Income	1.23	3.01	144.3 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.01	0.02	144.3 %

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