Financial Results : Watani Steel H1 2024 profit surges to SAR 3.4M

Watani Steel H1 2024 profit surges to SAR 3.4M

20/08/2024 Argaam Exclusive

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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.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 159.79 274.00 71.5 %
Gross Income 11.81 14.96 26.7 %
Operating Income 4.32 6.25 44.6 %
Net Income 1.23 3.41 176.6 %
Average Shares 181.65 181.65 -
Earnings Per Share before unusual items (Riyal) 0.01 0.02 176.6 %
EPS (Riyal) 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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