Watani Iron Steel Co. (Watani Steel) reported a net profit slump of 91% to SAR 4.2 million in 2023, compared to SAR 49.6 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 595.64 | 370.11 | (37.9 %) |
| Gross Income | 71.37 | 24.43 | (65.8 %) |
| Operating Income | 56.62 | 10.63 | (81.2 %) |
| Net Income | 49.55 | 4.25 | (91.4 %) |
| Average Shares | 181.65 | 181.65 | - |
| EPS (Riyals) | 0.27 | 0.02 | (91.4 %) |
The annual profit was hurt by a decline in revenues amid subdued demand, which drove sales volumes in the sector lower. In addition, steel prices witnessed a steep drop, leading to a slump in end products’ profit margins amid higher global inflation and interest rates.
Total shareholders’ equity, no minority interest, rose to SAR 242.43 million as of Dec. 31, 2023, from SAR 237.58 million a year earlier.
|
Watani Steel's Interim Financials |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2019 |
203.35 |
7.78 |
0.43 |
|
H2 2019 |
277.71 |
21.61 |
1.18 |
|
H1 2020 |
205.92 |
18.32 |
1.01 |
|
H2 2020 |
253.49 |
12.76 |
0.70 |
|
H1 2021 |
322.02 |
30.00 |
1.65 |
|
H2 2021 |
300.87 |
17.06 |
0.94 |
|
H1 2022 |
311.36 |
25.49 |
1.40 |
|
H2 2022 |
284.28 |
24.06 |
1.32 |
|
H1 2023 |
159.79 |
1.23 |
0.07 |
|
H2 2023 |
220.32 |
3.01 |
0.02 |
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