Watani Iron Steel Co.’s (Watani Steel) H1 2024 net profit leapt to SAR 3.4 million, from SAR 1.2 million in the year-ago period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 159.79 | 274.00 | 71.5 % |
| Net Income | 1.23 | 3.41 | 176.6 % |
| Average Shares | 181.65 | 181.65 | - |
| EPS (Riyals) | 0.01 | 0.02 | 176.6 % |
The annual profit increase was mainly due to higher revenues on the year-on-year (YoY) rise in sales value and volumes during the six-month period, in addition to higher other revenues. However, the bottom-line growth was offset by the elevated cost of sales on a yearly basis.
Total shareholders’ equity, no minority interest, surged to SAR 245.84 million as of June 30, 2024, compared to SAR 238.81 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
322.02 |
30.00 |
0.17 |
|
H2 2021 |
300.87 |
17.06 |
0.09 |
|
H1 2022 |
311.36 |
25.49 |
0.14 |
|
H2 2022 |
284.28 |
24.06 |
0.13 |
|
H1 2023 |
159.79 |
1.23 |
0.01 |
|
H2 2023 |
210.32 |
3.01 |
0.02 |
|
H1 2024 |
274.00 |
3.41 |
0.02 |
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