Watani Iron Steel Co. (Watani Steel) reported a net profit of SAR 2.9 mln (USD 0.77 mln) for the first quarter of 2025, down 42pct from SAR 4.9 mln in the same period last year.
Sales revenue declined 17.8pct YoY to SAR 119.4 mln (USD 31.8 mln), primarily due to lower sales volumes amid weak steel demand. The company also recorded an inventory impairment provision, which further weighed on earnings.
These pressures offset the benefits of reduced operating costs and lower general, selling, marketing, and finance expenses compared to Q1 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