Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax at SAR 49.6 million for 2022, a 5% increase compared to SAR 47.1 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 622.89 | 595.64 | (4.4 %) |
| Gross Income | 68.42 | 71.37 | 4.3 % |
| Operating Income | 54.12 | 56.62 | 4.6 % |
| Net Income | 47.06 | 49.55 | 5.3 % |
| Average Shares | 181.65 | 181.65 | - |
| EPS (Riyals) | 0.26 | 0.27 | 5.3 % |
The company attributed the profit growth to lower cost of sales and an increase in the selling price of the final product, despite lower revenue for 2022 on a decrease in sales value. Financing expenses increased due to high global inflation rates and interest rate hike.
Shareholders’ equity, no minority interest, reached SAR 237.58 million at the end of 2022, compared to SAR 187.22 million a year earlier.
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