Financial Results : Watani Steel H1 2023 profit drops 95% to SAR 1.2 mln

Watani Steel H1 2023 profit drops 95% to SAR 1.2 mln

30/08/2023 Argaam Exclusive

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Watani Iron Steel Co. posted a 95% fall in H1 2023 net profit to SAR 1.2 million from SAR 25.5 million in the year-ago period.

The profit decline was attributed to lower sales on weak demand for steel, which led to a stagnation in the iron market amid the intense competition witnessed by the entire steel industry. This coincided with higher financing costs and SAIBOR.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 311.36 159.79 (48.7 %)
Gross Income 36.25 11.81 (67.4 %)
Operating Income 28.83 4.32 (85.0 %)
Net Income 25.49 1.23 (95.2 %)
Average Shares 181.65 181.65 -
Earnings Per Share before unusual items (Riyals) 0.14 0.01 (95.2 %)
EPS (Riyals) 0.14 0.01 (95.2 %)

Total shareholders’ equity, after minority interest, increased to SAR 238.8 million as of June 30, 2023, compared to SAR 212.7 million a year earlier.

 

Historical Data  

Period   

Revenue  

(SAR mln)   

Net Profit  

(SAR mln)    

EPS  

(SAR/Share)   

H1 2020  

203.35 

7.78 

0.64 

H2 2020  

277.71 

21.61 

1.79 

H1 2021   

205.92 

18.32 

1.51 

H2 2021   

253.49 

12.76 

1.05 

H1 2022   

322.02 

30.00 

2.48 

H2 2022   

300.87 

17.06 

1.41 

H1 2023   

311.36 

25.49 

1.40 
 

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