Iron Steel Co. (Watani Steel) announced that it increased its net profit by 132.5% to SAR 9.9 million (USD 2.64 million) in 2024. It was stated that net profit reached this level from SAR 4.2 million (USD 1.12 million) in the previous year due to increased demand for iron and the improvement in the construction sector. The company has managed to grow revenues strongly, supported by an expanding customer base.
During 2024, Watani Steel's revenues increased by 49.5% to SAR 553.31 million (USD 147.55 million). Gross revenue was up 37.8% to SAR33.68 million (USD8.98 million), while operating income was up 48.3% to SAR15.76 million (USD4.20 million). Earnings per share (EPS) increased by 132.5% to SAR 0.05 (USD 0.013). The company managed to deliver this strong financial performance despite the cost increase in production inputs.
During the second half of 2024, Watani Steel increased its net profit by 114.4% to SAR 6.46 million (USD 1.72 million). Revenues for the period were up 32.8% to SAR 279.31 million (USD 74.39 million), while gross revenue increased 48.3% to SAR 18.72 million (USD 4.99 million). Operating income also increased by 50.8% to SAR 9.51 million (USD 2.54 million). Thus, the company increased its net profit by 89.4% in the second half compared to the previous six months.
The strong growth in Watani Steel's annual and quarterly financial performance was supported by higher demand for iron, a recovery in the construction sector and the expansion of its customer base. The company's total equity also increased to SAR 251.35 million (USD 67.0 million) at the end of 2024, higher than SAR 242.43 million (USD 64.6 million) at the end of the previous year.
Comments
No comment yet.