Financial Results : Watani Steel Q1 2025 profit falls 42% to SAR 2.9M

Watani Steel Q1 2025 profit falls 42% to SAR 2.9M

14/05/2025 Argaam Exclusive

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Watani Iron Steel Co. (Watani Steel) reported a net profit of SAR 2.9 million in Q1 2025, a drop of 42% from SAR 4.9 million a year earlier.



Financials (M)

Item 3m 2024 3m 2025 Change‬
Revenues 145.34 119.47 (17.8 %)
Gross Income 11.00 9.94 (9.7 %)
Operating Income 6.57 4.15 (36.8 %)
Net Income 4.91 2.87 (41.5 %)
Average Shares 181.65 181.65 -
Earnings Per Share before unusual items (Riyals) 0.03 0.02 (41.5 %)
EPS (Riyal) 0.03 0.02 (41.5 %)
Profit fell year-on-year (YoY) due to a drop in sales, as volumes declined in Q1 2025 compared to Q1 2024 amid weaker demand. Results were further pressured by a provision for inventory impairment.
 
This came despite a decline in operating costs and lower general, selling, marketing, and finance expenses during Q1 2025 versus the year-earlier period.
 
Total shareholders’ equity, no minority interest, rose to SAR 254.22 million as of March 31, 2025, compared to SAR 247.35 million a year earlier.

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