Watani Steel makes SAR 9.9M profit in 2024, SAR 6.5M in H2

25/02/2025 Argaam Exclusive

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Watani Iron Steel Co. (Watani Steel) reported a net profit of SAR 9.9 million in 2024, up from SAR 4.2 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	370.11	553.31	49.5 %
Gross Income	24.43	33.68	37.8 %
Operating Income	10.63	15.76	48.3 %
Net Income	4.24	9.87	132.5 %
Average Shares	181.65	181.65	-
Earnings Per Share before unusual items (Riyals)	0.02	0.05	132.5 %
EPS (Riyals)	0.02	0.05	132.5 %

The annual profit increase was driven by higher sales in 2024 due to the elevated demand for iron, a noticeable improvement in the construction sector, and an expanded customer base, compared to the previous year. This came despite the year-on-year (YoY) uptick in operating expenses (production inputs) for 2024.

In H2 2024, net profit grew 114% to SAR 6.5 million, from SAR 3.01 million in H2 2023.

On a biannual basis, the bottom line rose 89.4% from SAR 3.41 million in H1 2024.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Revenues	210.32	279.31	32.8 %
Gross Income	12.63	18.72	48.3 %
Operating Income	6.31	9.51	50.8 %
Net Income	3.01	6.46	114.4 %
Average Shares	181.65	181.65	-
Earnings Per Share before unusual items (Riyals)	0.02	0.04	114.4 %
EPS (Riyals)	0.02	0.04	114.4 %

Item	H1 2024	H2 2024	Change‬
Revenues	274.00	279.31	1.9 %
Gross Income	14.96	18.72	25.1 %
Operating Income	6.25	9.51	52.2 %
Net Income	3.41	6.46	89.4 %
Average Shares	181.65	181.65	-
Earnings Per Share before unusual items (Riyals)	0.02	0.04	89.4 %
EPS (Riyals)	0.02	0.04	89.4 %

Total shareholders’ equity, no minority interest, advanced to SAR 251.35 million as of Dec. 31, 2024, from SAR 242.43 million a year earlier.

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