Watani Steel’s net profit jumps 64% to SAR 30 mln in H1 2021

18/08/2021 Argaam Exclusive

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Watani Iron Steel Co.
2.85
(0.05) (1.72 %)

Watani Iron Steel Co. (WATANI STEEL)

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Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax of SAR 30 million for H1 2021, a 64% increase, compared to SAR 18.3 million in the year-earlier period.

 

The increase was attributed to higher sales volume and lower financing expenses despite a fall in profit margins.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 205.92 322.02 56.4 %
Gross Income 28.50 40.68 42.8 %
Operating Income 23.27 33.82 45.3 %
Net Income 18.32 30.00 63.8 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.10 0.17 63.8 %

In addition, the company reported an increase in general and administrative expenses and higher Zakat provision.



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