Saudi Arabia’s Watani Iron Steel Co. (Watani Steel) reported a substantial increase in net profit for 2024, reaching SAR 9.86 mln (USD 2.62 mln), more than doubling from SAR 4.24 mln in the previous year.
Revenue also saw strong growth, rising 49.5pct YoY to SAR 553.3 mln (USD 147.9 mln).
The company attributed its improved profitability to higher demand for rebar sales, driven by a notable recovery in the construction sector and an expanded customer base. This growth was achieved despite rising operating costs in 2024.
Established as a limited liability company in August 2008, Watani Steel transitioned to a closed joint-stock company in May 2020. Following this transition, its shares were listed and traded on the Nomu-Parallel Market starting February 2021. Watani Steel currently has an annual production capacity of 280,000 tons of billet and 320,000 tons of rebars.
1 USD / 3.75 SAR
