Watani Steel's net profit jumps 51% to SAR 47.1 mln in 2021

01/03/2022 Argaam Exclusive

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Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax of SAR 47.1 million in 2021, a 51% increase, compared to SAR 31.1 million in the year-earlier period.

Financials (M)

Item	2020	2021	Change‬
Revenues	459.41	622.89	35.6 %
Gross Income	56.40	68.42	21.3 %
Operating Income	40.80	54.12	32.6 %
Net Income	31.08	47.06	51.4 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.17	0.26	51.4 %

The growth in earnings was driven by higher sales and a decrease in financing costs due to partial repayment of loans. However, the average cost of production and Zakat expenses reported an increase.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	253.49	300.87	18.7 %
Gross Income	27.90	27.74	(0.6 %)
Operating Income	17.53	20.30	15.8 %
Net Income	12.76	17.06	33.6 %
Average Shares	181.65	181.65	-
EPS (Riyals)	0.07	0.09	33.6 %

Item	H1 2021	H2 2021	Change‬
Revenues	322.02	300.87	(6.6 %)
Gross Income	40.68	27.74	(31.8 %)
Operating Income	33.82	20.30	(40.0 %)
Net Income	30.00	17.06	(43.1 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.17	0.09	(43.1 %)

Shareholders’ equity, excluding minority interest, reached SAR 187.2 million for 2021, compared to SAR 140.3 million a year earlier.

The 2021 results came in line with its plans and strategies that aim to adapt to the current situation amid the COVID-19 pandemic, in addition to rationalizing expenses and raising operational efficiency.

Watani Iron Steel also efficiently and effectively managed the risks of the pandemic and its impact on its operations despite the current economic conditions.

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