Saudi Arabia’s Watani Iron Steel Co. (Watani Steel) posted a steep drop in first-half 2025 earnings, according to a stock exchange filing.
Net profit fell 67.2pct YoY to SAR 1.1 mln (USD 0.29 mln), while revenues declined 22pct YoY to SAR 216.9 mln (USD 57.7 mln). The company attributed the weaker results to lower sales volumes, driven by sluggish demand for billet and rebar.
Watani Steel also reported a partial fire at an external fuel tank at its Riyadh plant on August 9. The blaze, swiftly contained by authorities, prompted a temporary production halt until safety checks were completed. The company confirmed that its main production lines were undamaged, and no injuries were reported.
Founded in 2008 and converted into a closed joint-stock company in 2020, Watani Steel has been listed on the Nomu-Parallel Market since February 2021. The company’s annual capacity stands at 280,000 tons of billet and 320,000 tons of rebar.
1 USD / 3.75 SAR
