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.

Financials (M)

Item	6m 2022	6m 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	-
EPS (Riyals)	0.14	0.01	(95.2 %)

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	-
EPS (Riyals)	0.14	0.01	(95.2 %)

Item	H2 2022	H1 2023	Change‬
Revenues	284.29	159.79	(43.8 %)
Gross Income	35.13	11.81	(66.4 %)
Operating Income	27.79	4.32	(84.4 %)
Net Income	24.07	1.23	(94.9 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.13	0.01	(94.9 %)

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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